SEOUL Jan 22 South Korea's main KOSPI share
index was up 0.15 percent at 1,989.87 points as of 0037
GMT. The index opened down 0.01 percent at 1,986.58.
Stocks on the move on Tuesday include:
**KOREA GAS (KOGAS) **
Shares in Korea Gas Corp dropped 8.4 percent to trade at
70,900 won in early trading after a brokerage cut its target
price for the state-run utility.
Local newspaper Korea Economic Daily reported late Monday
that KOGAS is unlikely to succeed in issuing some 5.4 trillion
won ($5.08 billion) in asset backed securities (ABS) against
outstanding utility fees.
"KOGAS has apparently decided that the outstanding fees are
unlikely to meet the criteria as underlying financial assets
(for ABS issuance)," Yang Ji-hwan, an analyst at Daishin
Securities, wrote in a note to investors.
Yang cut the target price for KOGAS shares to 90,000 won
from 93,000 won.
**KOREA LINE, STX PAN OCEAN **
Shares in Korea Line Corp fell by 14.7 percent, while those
of STX Pan Ocean Co Ltd gained by 6.5 percent after local media
reported three out of five preliminary bidders to acquire Korea
Line did not submit a binding bid on Monday.
At least some of the preliminary bidders that did not
participate, including SK Shipping Co Ltd and CJ GLS Inc, are
expected to show interest in the roughly 35 percent stake in STX
Pan Ocean currently on the block.
STX Pan Ocean and Korea Line are South Korea's largest and
second-largest dry bulk shippers, respectively.
STX Corp last month chose Morgan Stanley
and Standard Chartered to advise in the sale, a
source with direct knowledge of the matter told Reuters earlier.
($1 = 1062.9000 Korean won)
(Reporting by Joyce Lee; Editing by Ken Wills)