SEOUL Jan 2 South Korea's main KOSPI share
index rose 1.5 percent to 2,026.40 as of 0226 GMT after
the U.S. House of Representatives passed a deal to avert a
"fiscal cliff" of tax hikes and spending cuts.
Stocks on the move on Wednesday include:
**DAEWOO SHIPBUILDING & MARINE ENGINEERING **
Daewoo Shipbuilding & Marine Engineering Co Ltd rose 6.3
percent as investors gained confidence in the shipbuilding
industry amid signs of a recovery in demand.
This follows a spate of big orders for the world's second
largest shipbuilder. Last Wednesday it won a 1.68 trillion won
($1.56 billion) order to build two submarines for South Korea's
On Dec. 25, it received a 1.89 trillion won order from
Statoil ASA to build a fixed oil platform in the North
"Shipbuilding has recovered in the past month as a better
year is expected in 2013. Daewoo is outperforming its peers as
it is undervalued, and seems to have a steady stream of orders
coming in," said Uhm Kyung-ah, a sector analyst at Shinyoung
**POSCO HITS NEARLY 3-MONTH HIGH**
Shares of POSCO, the world's fourth-biggest
steelmaker, jumped 3.4 percent to reach their highest levels in
nearly three months after China's upbeat manufacturing data
boosted hopes of demand recovery.
Shanghai steel futures extended last week's rally and rose
nearly 2 percent on Monday, buoyed by data showing factory
activity in China's vast manufacturing sector hit its fastest
pace in December since May 2011, pointing to strength for the
world's second-biggest economy.
"POSCO has cut discounts on domestic steel prices, after
China's steel prices strongly rebounded. POSCO's earnings will
recover after bottoming out in the last quarter of 2012," said
Kim Kyeong-joong, an analyst at Eugene Investment & Securities.
(Editing by Anand Basu)