South Korea Stocks: Doosan Infracore, Korea Zinc Co., Shinsegae
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 15.13, or 0.7 percent, to 2,145.20. The gauge fell 1.6 percent this week.
Doosan Infracore Co. (042670 KS), South Korea’s largest construction-equipment maker, rallied 2.3 percent to 24,850 won, the highest close since June 1. The stock gained on speculation profitability at the company’s Bobcat unit will improve and its market share for excavators in China will rise in the second half, said Paul Hah, an analyst with Woori Investment & Securities Co. Officials at Doosan’s public relations team said they have no comment.
Korea Zinc Co. (010130 KS), which produces gold and silver, climbed 2.3 percent to 444,000 won, the highest close since April 26. Gold futures yesterday rose to a record for the second straight day, while silver climbed to a nine-week high.
Power Logics Co. (047310 KS) tumbled 15 percent to 4,670 won, the steepest loss since March 3, 2009. The company plans to sell 7 million new shares, according to a filing.
Shinsegae Co. (004170 KS) gained 1.6 percent to 353,500 won. The retailer had its share-price estimate raised to 410,000 won from 310,000 won at Korea Investment & Securities Co., which cited a higher earnings outlook, according to a report today.
To contact the editor responsible for this story: Darren Boey at email@example.com