South Korean Stocks: Doosan Infracore, Kia, Samsung Electronics
The Kospi Index (KOSPI) rose 0.6 percent to 1,975.35. The gauge advanced less than 0.1 percent this week.
Doosan Infracore Co. (042670) (042670 KS), which bought Bobcat, a maker of small- to medium-sized construction equipment in the U.S., and other units from Ingersoll-Rand Co. in 2007, added 6.2 percent to 21,300 won, the highest level since April 3. Signed contracts to buy U.S. homes rose more than forecast in March as low interest rates drew buyers back into the market.
Kia Motors Corp. (000270) (000270 KS), South Korea’s second-largest carmaker, climbed 1.4 percent to 80,700 won, the highest level since April 5. Net income rose 26 percent to 1.2 trillion won ($1.1 billion) in the three months ended March, according to a regulatory filing. That compares with the 948.4 billion won average of 26 analysts’ estimates compiled by Bloomberg.
Samsung Electro-Mechanics Co. (009150) (009150 KS), a South Korean electronic components maker, rose 1.4 percent to 108,000 won, advancing for a third day. Hyundai Securities Co. raised its share-price estimate to 145,000 won from 131,000 won, citing stronger-than-expected earnings.
Samsung Electronics Co. (005930) (005930 KS), Asia’s largest consumer-electronics maker, climbed 2.5 percent to a record 1.37 million won. The company posted first-quarter profit that beat analysts’ estimates as surging sales of Galaxy smartphones helped mask slumping earnings at its computer-chip business. Net income was 5.05 trillion won, the company said in a statement. The average of 29 analyst estimates compiled by Bloomberg was for profit of 4.24 trillion won.
Samsung SDI Co. (006400) (006400 KS) rallied 7.5 percent to 151,000 won, the steepest gain since Oct. 6. The company reported first- quarter operating profit of 67 billion won, an 11 percent increase from a year earlier, according to a regulatory filing.
To contact the editor responsible for this story: Darren Boey at email@example.com