Bloomberg News

South Korea Stocks: Glovis, GS Engineering, LG, SK Innovation

January 03, 2012

Jan. 3 (Bloomberg) -- 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 rose 2.7 percent to 1,875.41, its highest close since Dec. 12. The gauge fell 11 percent last year.

Refiners: SK Innovation Co. (096770 KS) added 6.4 percent to 149,500 won. GS Holdings Corp. (078930 KS) gained 3.7 percent to 53,300 won. S-Oil Corp. (010950 KS) rose 4.5 percent to 105,000 won. Refining margins in Asia will remain solid in the first quarter, Woori Investment & Securities Co. said in a report today.

GS Engineering & Construction Corp. (006360 KS), a South Korean builder, rose 4.7 percent to 97,700 won, its highest close since Oct. 31. The outlook for overseas orders will be “favorable” in 2012 because of upcoming refinery projects in Kuwait, Oman and the United Arab Emirates, Shinyoung Securities Co. said in a report today.

Hyundai Glovis Co. (086280 KS), a logistics unit of Hyundai Motor Group, added 4.5 percent to 198,500 won, halting a four- day, 9.5 percent retreat. Samsung Securities Co. raised its share-price estimate to 241,000 won from 237,000 won.

LG Electronics Inc. (066570 KS) rose 1.7 percent to 77,400 won, the highest level since Aug. 2. LG may start selling the world’s largest television using the organic light-emitting diode, or OLED, technology in the second half of this year to boost stagnating TV sales. LG will unveil the model with a 55- inch screen at the Consumer Electronics Show in Las Vegas next week, Ken Hong, a company spokesman, said.

--Editor: Chan Tien Hin

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

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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