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Korea Hot Stocks - Hyundai Motor up, KT Music, Daewoo, Hynix
Reuters - 2 hours 14 minutes ago
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SEOUL, Aug 19 - As of 0515 GMT, the main KOSPI <.KS11> was up 0.96 percent at 1,778.93 points. The index opened up 0.09 percent at 1,763.60 points. The technology-heavy Kosdaq index <.KQ11> was up 0.5 percent at 480.80.
Stocks on the move on Thursday include:
** HYUNDAI MOTOR CO <005380.KS> UP AFTER ONE-MONTH LOW**
South Korea's top car maker jumped 4.7 percent on bargain-hunting after shedding 14 percent this month to hit a one-month low.
"The shares are oversold, primarily hit by concern over its potential bid for Hyundai Engineering & Construction Co Ltd <000720.KS>, while its strong earnings momentum remains intact," said Shin Jung-kwan, an analyst at KB Investment & Securities. "Hyundai shares also historically underperform the market when it buys back shares as investors sell during the period. With this year's purchase programme almost finished, its shares are rebounding to catch up with the market."
Hyundai, which plans to buy back 1.69 million shares by late September, had already purchased 1.2 million shares, Shin said.
0515 GMT
**KT MUSIC CORP <043610.KQ> UP ON STRONG IPHONE 4 SALES**
The digital music content provider jumped 9 percent on the prospect of strong earnings growth after its top shareholder KT Corp <030200.KS> said it had received more than 110,000 pre-orders for Apple Inc's <AAPL.O> iPhone 4 on the first day of sales on Wednesday.
"The iPhone 4 will help KT Corp further increase its share of the mobile phone market, which will help boost earnings of KT Music. The alliance between the two companies is also likely to grow in the mobile service area," said Chris Yoo, an analyst at Woori Investment & Securities.
0127 GMT
**DAEWOO MOTOR SALES JUMPS ON HOPES FOR RESTRUCTURING**
Daewoo Motor Sales Corp <004550.KS> jumped by the daily limit of 15 percent on expectations that the restructuring of the troubled car retailer may speed up.
Daewoo said on Wednesday that its main creditor, Korea Development Bank, was likely to sign an agreement with the company by mid-September to proceed with its restructuring, which includes a spin-off of its auto sales business.
Creditor banks of Daewoo approved its debt restructuring programme in April. [ID: nSEL003054]
0102 GMT
**HYNIX UP FOLLOWING STRONG RESULTS FROM APPLIED MATERIALS**
Hynix Semiconductor Inc <000660.KS>, the world's No.2 computer memory chipmaker rose 2.5 percent after Applied Materials <AMAT.O> on Wednesday forecast that earnings would exceed Wall Street's estimate for the quarter ending October, lifting sentiment for the battered technology sector. [ID:nN18214659]
"The third quarter won't be as bad as most investors had feared because there's still a shortage of some memory chips such as DDR3 ," said Shin Hyun-jun, an analyst at Shinhan Investment Corp. "Recent falls in Hynix share price were overdone and the overall memory chip market will continue to see short supply this quarter."
Hynix shares tumbled to 2010 lows last week as investors fretted that a slowing global economy may further weaken fragile consumer spending and hit demand for IT products.
0039 GMT (Reporting by Miyoung Kim and Ju-min Park; Editing by Jonathan Hopfner, Ken Wills and Chris Lewis)
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