South Korea Stocks: Celltrion, Kepco Engineering, Korea Zinc
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the close in Seoul. The Kospi Index (KOSPI) rose 3.3 percent to 1,898.32, the highest level since Aug. 5. It was the gauge’s steepest advance since Sept. 27.
Metals-related companies: Korea Zinc Co. (010130 KS), South Korea’s biggest zinc smelter, rallied 13 percent to 319,000 won. Poongsan Corp. (103140 KS), a copper-products maker, added 8.7 percent to 31,950 won. Copper advanced as much as 4.3 percent, extending a jump of 6.1 percent on Oct. 21. Zinc rose 4.5 percent.
Celltrion Inc. (068270) (068270 KS), a biopharmaceutical company, climbed 8.2 percent to 38,200 won, the steepest gain since Aug. 23. The company plans to buy back 1 million shares to stabilize its stock, according to a regulatory filing.
CJ CheilJedang Corp. (097950) (097950 KS), a food processor, gained 5.9 percent to 315,500 won. The company will invest $300 million in a plant in Iowa producing ingredients for livestock feed, according to a regulatory filing.
Kepco Engineering & Construction Co. (052690 KS) jumped 9.8 percent to 66,400 won, the highest level since Aug. 4. The power-plant designer reported last week a 57 percent increase in quarterly net income. Meritz Securities Co. said in a report today that the company’s earnings momentum will continue in 2012.
Samsung Engineering Co. (028050 KS), South Korea’s largest engineering company, added 6.3 percent to 237,500 won, after saying in a regulatory filing third-quarter operating profit more than doubled to 212.9 billion won.
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