SEOUL, Nov 28 (Reuters) - Stocks on the move on Wednesday
include:
At 0156 GMT, the benchmark stock index <.KS11> was up 0.03
percent at 1,850.13, extending a tentative recovery after
Citigroup Inc's <C.N> multi-billion capital raising via a stake
sale eased credit market concerns.
It opened 1.19 percent higher at 1,881.86 points.
**NAMKWANG ENG UP ON CONSTRUCTION ORDER**
South Korea's Namkwang Engineering & Construction <001260.KS>
rose 1.13 percent to 13,400 won after it said on Tuesday it had
won a $241.4 million order from Angola's Riverstone Oaks Corp to
build residential villas and other facilities.
Namkwang said in a filing with the Korea Exchange that it
would complete the construction, in the Angolan capital of
Luanda, within 24 months.
0152 GMT
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**BROKERAGES UP AS MARKETS REBOUND*
Shares in brokerages jumped, with the securities sub-index
<.KS53> up 4.57 percent, as Abu Dhabi's purchase of a Citigroup
stake offered some relief to battered equity markets.
Daewoo Securities <006800.KS>, South Korea's second-most
valuable brokerage, rose 2.39 percent to 23,600 won and smaller
rival Daishin Securities <003540.KS> jumped 4.79 percent to
31,700 won.
SK Securities <001510.KS> was up 4.56 percent to 3,095 and
Samsung Securities 3.77 percent to 90,800 won.
"Brokerage shares are very sensitive to the market movement.
With the rebound of the U.S. market from Abu Dhabi's investment,
which bolstered Citigroup's capital base, the domestic market is
reacting to the global market trend," said Kwak Byung-ryel, a
senior analyst at Daishin Securities.
"In spite of the risk of uncertainty ahead, it appears that
the domestic market has regained its direction."
0106 GMT
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**OIL REFINERS DECLINE AFTER OIL PRICES DROP**
Shares in oil refiners such as SK Energy <096770.KS>
retreated after oil fell more than 3 percent on Tuesday on
expectations OPEC will boost supply and concerns U.S. economic
problems will press down demand growth.
Lower oil prices undermine the firm's refining margins.
SK Energy, South Korea's top refiner, lost 2.85 percent to
187,500 won, and GS Holdings <078930.KS> shed 1.48 percent to
59,900 won.
0031 GMT
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**SSANGYONG ENG SURGES ON STRONG BIDDING INTEREST**
Shares in South Korean mid-size builder Ssangyong
Construction & Engineering <012650.KQ> soared 10.05 percent to
23,000 won following news that a total of 14 groups submitted
letters of intent to buy a controlling stake in the firm.
State-run restructuring agency Korea Asset Management Corp
(KAMCO), the top creditor with a 38.8 percent stake in Ssangyong,
announced the number of bidders late on Tuesday but did not
elaborate.
Creditors led by KAMCO aim to sell their combined 50.1 stake
in the builder.
0020 GMT
(Reporting by Kim Soyoung and Mee Hyoe Koo; editing by
Jonathan Thatcher)
(([email protected]; +82 2 3704 5643; Reuters
Messaging: [email protected]))
Keywords: MARKETS KOREA HOT