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Korea Hot Stocks-Shipbuilders,Korea Zinc, Doosan, Ssangyong E&C

Thu Feb 14, 2008 9:49pm EST
 
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SEOUL, Feb 15 (Reuters) - Stocks on the move on Friday include:

As of 0218 GMT, the main KOSPI was down 1.12 percent at 1,678.48 points, with financials such as Kookmin Bank and exporters weaker after fresh credit market and economic growth worries hit Wall Street.

The index opened 1.48 percent lower at 1,672.39 points.

**SHIPBUILDERS EXTEND GAINS ON STRONG ORDER FLOW**

Shares in shipbuilders gained after Hyundai Heavy's $652.9 million order announced on Friday -- the latest in a series of recent orders -- helped ease worries that a slowing global economy would hurt order growth.

Hyundai Heavy Industries Co Ltd (009540.KS: Quote, Profile, Research, Stock Buzz) rose 1.09 percent to 370,000 won, while Daewoo Shipbuilding and Marine Engineering Co Ltd (042660.KS: Quote, Profile, Research, Stock Buzz) was up 2.85 percent to 36,100 won.

The world's top ship builder said earlier on Friday it had secured a 617.2 billion won order from a unnamed Liberian company to build a drillship. [ID:nSEL000306].

"Hyundai Heavy's order announced on Friday boosted confidence in the sector's outlook," said Lee Jae-won, an analyst at Tongyang Securities.

"High shipping rates are also having a good effect on shipbuilders' shares."  Continued...

 

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