February 15, 2013 / 1:05 AM / in 5 years

Korea Hot Stocks-Ssangyong shares surge on Mahindra investment plan

SEOUL, Feb 15 (Reuters) - South Korea’s main KOSPI share index was up 0.05 percent at 1,980.69 on Friday.

Stocks on the move include:


Ssangyong Motor Co surged as much as 12.3 percent after the automaker said its top shareholder India’s Mahindra & Mahindra would participate in its new share issue worth $73.73 million.

“Ssangyong shares are getting a lift from expectations that the investment would improve financial structure of the automaker,” said Kim Seung-hwan, an analyst at Golden Bridge Investment & Securities.

“But the rally will be short-term, as labour issues remain unresolved and uncertainty lingers whether the automaker will be able to introduce competitive models,” he said.

Ssangyong Motor shares were trading up 4.9 percent at 6,630 Korean won ($6.12) at 0047 GMT. ($1 = 1083.7000 Korean won) (Reporting By Hyunjoo Jin; Editing by Jijo Jacob)

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