South Korea Stocks: Daelim, Doosan, Kolon, GS Engineering, OCI
The Kospi Index rallied 3.7 percent to 1,840.10, the biggest gain since Sept. 7. The gauge climbed 1.5 percent this week.
Daelim Industrial Co. (000210 KS), a South Korean builder and petrochemical company, jumped 6.9 percent to 109,000 won. The company won a 778 billion won order to build a chemical plant in Saudi Arabia, according to a filing.
Doosan Heavy Industries and Construction Co. (034020 KS), a power equipment maker, gained 5.9 percent to 53,700 won, the most since July 1. Woori Investment & Securities Co. said the company will benefit from growing power shortages at home and in other emerging countries. South Korea implemented temporary rolling blackouts yesterday as soaring temperatures increased electricity consumption and the country’s power-generating capacity was reduced because of plant maintenance.
Kolon Industries Inc. (120110) (120110 KS) sank 10 percent to 68,500 won, the lowest level since March 17. The stock fell by the daily limit of 15 percent yesterday after DuPont Co. won a $919.9 million jury award from the South Korean company over the theft of trade secrets regarding Kevlar, an anti-ballistic fiber.
GS Engineering & Construction Corp. (006360) (006360 KS), a South Korean builder, advanced 8.1 percent to 104,000 won, the most since Aug. 16. The company won a 603.2 billion won order from Kuwait Oil Co., according to a filing.
Hyundai Motor Co. (005380) (005380 KS), South Korea’s largest automaker, added 4.8 percent to 208,000 won. Beijing Automobile Industry Holding Co. and partner Hyundai Motor are in talks to create a China-only brand that will focus on electric cars, Xu Heyi, chairman of the Chinese carmaker, said.
OCI Co. (010060 KS), South Korea’s biggest maker of polysilicon, rose 9.8 percent to 274,000 won, paring its slump in the past month to 14 percent. Shinyoung Securities Co. said the stock’s recent decline was excessive. OCI trades at 6.1 times estimated profit, compared with a multiple of 9.4 for the Kospi Index (KOSPI), according to data compiled by Bloomberg.
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