South Korea Stocks: Hanwha Chemical, Hyundai Heavy, Taewoong
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close in Seoul.
The Kospi Index (KOSPI) rose 48.68, or 2.3 percent, to 2,142.47. The gauge declined 2.3 percent this month, its first monthly drop since February.
Renewable energy-related companies: Taewoong Co. (044490 KS), a maker of parts for wind power plants, jumped 8.3 percent to 44,400 won. OCI Co. (010060 KS), the biggest South Korean maker of polysilicon, climbed 9 percent to 493,000 won. Hanwha Chemical Corp. (009830 KS) added 9.6 percent to 48,950 won.
Germany wants to double renewable energy output by 2020 from 17 percent last year, Chancellor Angela Merkel said yesterday at a press conference in Berlin. Merkel’s coalition endorsed a blueprint to shut its nuclear-power plants by 2022.
Shipbuilders: Hyundai Heavy Industries Co. (009540 KS), the world’s biggest shipbuilder, surged 11 percent to 505,000 won, the most since Dec. 10, 2008, after it received an order for two ships that can carry liquefied natural gas from Dynagas Ltd. of Greece. Samsung Heavy Industries Co. (010140 KS) gained 1.8 percent to 45,900 won, after it won a 3.28 trillion-won ($3 billion) order to build a floating production, storage and offloading facility for LNG from Shell Development Pty Ltd.
Other shipbuilders also advanced, with Daewoo Shipbuilding & Marine Engineering Co. (042660 KS) rising 1.8 percent to 44,600 won and Hyundai Mipo Dockyard (010620) Co. (010620 KS) adding 3.5 percent to 176,500 won.
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