By Saeromi Shin
Dec. 8 (Bloomberg) -- South Korea’s Kospi index rose 25.07, or 2.4 percent, to 1,053.20 as of 9:51 a.m. in Seoul.
The following are among the most-active stocks in South Korean markets.
Kangwon Land Inc. (035250 KS), which runs the nation’s only casino open to locals, rose 1,500 won, or 12 percent, to 13,650. Woori Investment & Securities Co. raised its recommendation to “buy,” from “hold,” in a note, saying the government’s casino tax rate is set to be fixed at a lower level than originally planned, which should boost investors’ appetite for the sector.
Korea Electric Power Corp. (015760 KS), which supplies almost all the power in the country, gained 1,250 won, or 4.8 percent, to 27,550.
Crude oil for January delivery slumped for a sixth day on Dec. 5, losing 6.6 percent to $40.81 a barrel in New York, the lowest settlement since December 2004.
Separately, the company will cut between 2,000 and 2,300 workers over the next three years, the Chosun Ilbo reported, citing a government official that it didn’t identify.
LG Household & Health Care Ltd. (051900 KS), the maker of cleaning and personal-hygiene products, gained 4,000 won, or 2.6 percent, to 156,000, adding to Friday’s 10 percent gain. HSBC Holdings Plc raised its recommendation to “overweight,” from “neutral,” in a note, citing solid margin growth in its cosmetics business, contribution from Coca-Cola bottling operations and attractive valuation.
To contact the reporter on this story: Saeromi Shin in Seoul at sshin15@bloomberg.net
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