Korea Stocks: Dongkuk Steel, GS Engineering, Hyundai Elevator
South Korea’s Kospi index rose 11.13, or 0.6 percent, to 2,033.32 at the close in Seoul.
The following were among the most-active stocks in South Korean markets.
Builders: GS Engineering & Construction Corp. (006360 KS) jumped 9.6 percent to 114,000 won. Daewoo Engineering & Construction Co. (047040 KS) climbed 5 percent to 12,550 won. Daelim Industrial Co. (000210 KS) rose 5 percent to 115,500 won. The 36-member Korea Construction Index was the best performer among the Kospi’s 19 industry groups, rising by 3.4 percent.
The Ministry of Land, Transport and Maritime Affairs plans to spend more than 60 percent of its 2011 infrastructure budget in the first half, and may buy unsold apartments in provincial areas, according to the ministry’s 2011 policy report to President Lee Myung Bak yesterday.
Dongkuk Steel Mill Co. (001230 KS), South Korea’s third- largest steelmaker, added 5.1 percent to 35,200 won. The shares gained on speculation the profit margin on its heavy plates, used mainly in shipbuilding, will widen, said Park Byung Chil, an analyst at Shinhan Investment Corp. Separately, the company increased prices of its reinforcing bars, used in construction, by 50,000 won per metric ton, for shipments starting from Dec. 29, Kim Sun Hong, a spokesman for the Seoul-based company, said by phone today, responding to an Edaily report earlier.
Hyundai Elevator Co. (017800 KS), South Korea’s largest elevator maker, jumped 15 percent to 127,500 won, the highest close since Nov. 1, 2007. The stock soared for a second day after a filing last week showed Schindler Holding AG increased its stake.
-- With assistance from Sungwoo Park in Seoul. Editor: Shiyin Chen
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