| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
advertisement | ||
Thursday March 22, 12:56 PMKorea Hot Stocks-Hyundai Motor, Doosan Heavy, LG CardSEOUL, March 22 (Reuters) - Stocks on the move on Thursday include:As of 0449 GMT, the main KOSPI rose 0.48 percent to 1,449.84, as exporters advanced after the Federal Reserve was deemed to have signalled that its next move may be to cut interest rates in South Korea's most important export market. The index opened 0.64 percent higher at 1,452.13 points. **AUTO MAKERS RETREAT AMID STRONGER WON CURRENCY** Shares in car makers extended recent falls after the South Korean won hit its strongest against the dollar in a month on Thursday, raising concerns about the impact on profits abroad and their competitiveness in the key U.S. market. Hyundai Motor Co. , the country's biggest auto maker, lost 0.59 percent to 67,200 won. - - - - **DOOSAN HEAVY SURGES ON BROKERAGE BUY RATING** Shares in the supplier of industrial facilities hit its latest record, at 59,400 won, after Merrill Lynch initiated the stock with a buy rating and a share price objective of 72,000 won, citing a booming orderbook for power and desalination plants. "Its preferred bidder status for a number of overseas desalination and power plant projects implies a strong possibility of earning surprise over the next 24 months," Merrill said in a note to clients dated on Thursday. Doosan Heavy rose 4.98 percent to 59,000 won. Shares in the firm have gained 27 percent this year as of Wednesday's close, compared with the KOSPI's 0.6 percent gain. 0147 GMT - - - - **LG CARD SLUMPS BY DAILY LIMIT FOR 2ND DAY** Shares in the country's biggest credit card issuer slumped 14.46 percent to 45,250 won, almost down by the daily limit of 15 percent for a second day in a row, after Shinhan Financial Group closed its public tender offer for LG Card shares on Monday. Shinhan in December said it would buy a combined 78.6 percent stake in the card issuer at 67,770 won in a public tender offer. Investors who missed out on the tender offer are selling the stock heavily as they see few reasons to hold on to the stock, with Shinhan widely expected to delist LG Card after it completes its $7.2 billion acquisition of the issuer in the country's biggest takeover. 0126 GMT - - - - **MERITZ FIRE UP ON FEB. PROFIT SURGE** Shares in Meritz Fire and Marine Insurance Co. Ltd. rose 1.72 percent to 7,100 won after the firm said after Wednesday's close that February's net profit nearly tripled to 7.3 billion won ($7.79 million) from 2.6 billion won a year earlier. Merrill Lynch reiterated its buy rating and share price target of 8,500 won following the results, saying they were "impressive", with the small non-life insurer having improved performance in its auto and long-term insurance sectors. Meritz shares have gained 9.9 percent this year as of the prior close, compared with the KOSPI's 0.6 percent gain. 0016 GMT |
|||
|
Copyright © 2005 Reuters Limited. All rights reserved. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of Reuters Limited
|