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Wednesday March 7, 9:01 AMKorea Hot Stocks-Daewoo Engineering, POSCOSEOUL, March 7 (Reuters) - Stocks on the move on Wednesday include:As of 0051 GMT, the main KOSPI was up 0.47 percent to 1,409.54, as blue chips continued to recover from a recent slump in global markets, while foreign investors ended a four-day selling streak. The index opened 0.89 percent higher at 1,415.35 points. **DAEWOO ENG UP AFTER SHARE BUYBACK REPORTS** Shares in Daewoo Engineering & Construction Co. Ltd. surged 3.62 percent to 18,600 won following media reports that the builder was considering buying back shares for cancellation or capital reduction. Local newspapers reported on Wednesday that an executive at Kumho Asiana Group, the parent of Daewoo Engineering, made the remarks at an investor meeting on Tuesday. A Kumho Asiana Group spokesman said the executive just mentioned the group was considering various measures to boost Daewoo's shareholder value, without specifically referring to a share buyback or capital reduction. 0051 GMT **POSCO GAINS FOR 2ND DAY ON PROFIT OUTLOOK** Shares in the world's no.3 steel maker rose 1.57 percent to 355,500 won, a day after surging 5.1 percent, as investors remain optimistic that profits at POSCO would improve amid higher steel prices and cost-cutting efforts. Consolidation in the sector also remains a major theme that has helped lift steel stocks in the region. POSCO had been one of Seoul's best blue chip performers this year before the slump in global markets began, having hit its latest record of 384,000 won on Feb. 23. 0015 GMT |
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