Hyundai Elevator, Korea Express: South Korea Equity Preview
The following companies may have unusual price changes in South Korea. Stock symbols are in parentheses, and share prices are from the previous close. This preview includes news announced after markets shut.
Share trading will start at 10 a.m. today, an hour later than usual, and close as usual at 3 p.m., according to Korea Exchange Inc., the nation’s bourse operator. The Kospi index rose 7.51, or 0.4 percent, to 2,051.
Hyundai Elevator Co. (017800 KS): Hyundai Logiem Co. bought 27,128 Hyundai Elevator shares from the market. The purchase increased Hyundai Logiem’s stake in South Korea’s largest elevator maker to 27.24 percent, according to a filing. The stock jumped 15 percent to 168,000 won.
Hyundai Heavy Industries Co. (009540 KS): The world’s largest shipyard expects to boost orders 54 percent in 2011 as growing global trade and increasing oil exploration spur demand for vessels and offshore equipment. New contracts may total $26.6 billion, the highest since 2008, according to a filing. Sales, which reflect completed work, may rise 20 percent to a record 26.9 trillion won ($24 billion), it said. Separately, a European customer canceled an order for four container vessels worth 477 billion won, the company said in a filing. The stock added 0.5 percent to 443,000 won.
Hyundai Mipo Dockyard Co. (010620 KS): The company is targeting $3.3 billion of orders in 2011 and sales of 4.2 trillion won, it said in a filing. The company didn’t provide figures for 2010. The stock climbed 1.6 percent to 224,000 won.
Korea Express Co. (000120 KS): Two or three large companies have expressed interest in buying Korea Express, the Seoul Economic Daily reported, citing KDB Financial Group Inc. Chairman Min Euoo Sung. Kumho Asiana Group, the South Korean logistics company’s parent, and creditors led by KDB plan to start the sale soon, the newspaper said. The stock gained 3 percent to 94,200 won.
LG Electronics Inc. (066570 KS): NTT DoCoMo Inc. plans to sell a tablet computer being developed by South Korea’s LG Electronics, the Nikkei newspaper reported, without saying where it got the information. The tablet, to be available by the end of March, will run a new version of Google Inc.’s Android operating system under development, Nikkei said. South Korea’s second-largest electronics maker climbed 3.5 percent to 118,000 won.
To contact the reporter on this story: Saeromi Shin in Seoul at firstname.lastname@example.org.
To contact the editor responsible for this story: Richard Frost at email@example.com