Korea Hot Stocks-Meritz Financial, Woongjin Holdings

SEOUL Tue Feb 12, 2013 8:14pm EST

SEOUL Feb 13 (Reuters) - South Korea's main KOSPI share index was up 0.4 percent at 1,953.72 as of 0057 GMT. The index opened up 0.4 percent at 1,952.86.

Stocks on the move on Wednesday include:

**MERITZ FINANCIAL FALLS ON RIGHTS ISSUE REPORT**

Shares in Meritz Financial Group Inc fell 5.1 percent in early trading on Wednesday after South Korea's stock exchange ordered the financial holding company to confirm or deny a media report saying it was pursuing a rights issue.

Meritz Financial has to file its reply by 6 p.m. (0900 GMT).

South Korean newspaper Chosun Ilbo reported on Tuesday Meritz was considering a rights issue worth about 150 billion won ($137.52 million) as early as March to raise funds for affiliates such as Meritz Fire & Marine Insurance.

**WOONGJIN HOLDINGS DOWN ON CAPITAL REDUCTION PLAN**

Shares in Woongjin Holdings Co Ltd plunged 14.7 percent after it said late Tuesday it would carry out an initial capital reduction by consolidating every three shares held by general shareholders into one.

Cash-strapped Woongjin Holdings has been in court receivership since last year, and has already sold or is in the process of selling off affiliates such as Coway Co Ltd , Woongjin Chemical and Woongjin Thinkbig . ($1 = 1090.7250 Korean won) (Reporting by Joyce Lee; Editing by Subhranshu Sahu)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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