Bloomberg News

South Korea Stocks: Daewoo, Hanjin Heavy, Korea Gas, LG Display

October 10, 2011

Oct. 10 (Bloomberg) -- Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are at the close in Seoul. The Kospi Index rose 0.4 percent to 1,766.44, capping a three-day, 6 percent advance.

Daewoo Shipbuilding & Marine Engineering Co. (042660 KS) added 2.3 percent to 24,050 won, taking its three-day gain to 17 percent. The company is discussing an order worth about 1.2 trillion won ($1 billion) to build three submarines for the Indonesian navy, according to a statement.

Hanjin Heavy Industries & Construction Co. (097230 KS) jumped by the daily limit of 15 percent to 18,400 won. Tong Yang Securities Inc. said in a report today that the shipbuilder may resolve disputes over job cuts with workers.

Korea Gas Corp. (036460 KS), a state utility, rallied 6 percent to 32,750 won, the steepest rise since Aug. 22. South Korea will increase city gas prices by 5.3 percent from today, the Ministry of Knowledge Economy said in a statement.

LG Display Co. (034220 KS), the world’s second-largest liquid-crystal display maker, climbed 6 percent to 21,250 won. Shinhan Investment Corp. said the manufacturer will narrow its operating loss in the fourth quarter and return to profit in the second quarter of 2012.

Samsung Electronics Co. (005930 KS), Asia’s biggest maker of chips, flat screens and mobile phones, added 1.6 percent to 874,000 won, the highest level since July 8. Daewoo Securities Co. and HI Investment & Securities Co. raised its share-price estimates and earnings forecasts. Samsung reported better-than- expected profit on Oct. 7 on demand for Galaxy smartphones, which outweighed slumping sales of displays and semiconductors.

STX Pan Ocean Co. (028670 KS), South Korea’s biggest bulk carrier, rose 5.8 percent to 8,420 won. The Baltic Dry Index, a measure of commodity shipping costs, added 1.7 percent to 2,000 points on Oct. 7, according to the Baltic Exchange in London.

--Editor: Shiyin Chen

To contact the reporter on this story: Saeromi Shin in Seoul at sshin15@bloomberg.net

To contact the editor responsible for this story: Shiyin Chen at schen37@bloomberg.net


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