SEOUL, Jan 22 (Reuters) - South Korea’s main KOSPI share index was up 0.15 percent at 1,989.87 points as of 0037 GMT. The index opened down 0.01 percent at 1,986.58.
Stocks on the move on Tuesday include:
Shares in Korea Gas Corp dropped 8.4 percent to trade at 70,900 won in early trading after a brokerage cut its target price for the state-run utility.
Local newspaper Korea Economic Daily reported late Monday that KOGAS is unlikely to succeed in issuing some 5.4 trillion won ($5.08 billion) in asset backed securities (ABS) against outstanding utility fees.
“KOGAS has apparently decided that the outstanding fees are unlikely to meet the criteria as underlying financial assets (for ABS issuance),” Yang Ji-hwan, an analyst at Daishin Securities, wrote in a note to investors.
Yang cut the target price for KOGAS shares to 90,000 won from 93,000 won.
Shares in Korea Line Corp fell by 14.7 percent, while those of STX Pan Ocean Co Ltd gained by 6.5 percent after local media reported three out of five preliminary bidders to acquire Korea Line did not submit a binding bid on Monday.
At least some of the preliminary bidders that did not participate, including SK Shipping Co Ltd and CJ GLS Inc, are expected to show interest in the roughly 35 percent stake in STX Pan Ocean currently on the block.
STX Pan Ocean and Korea Line are South Korea’s largest and second-largest dry bulk shippers, respectively.
STX Corp last month chose Morgan Stanley and Standard Chartered to advise in the sale, a source with direct knowledge of the matter told Reuters earlier.
$1 = 1062.9000 Korean won Reporting by Joyce Lee; Editing by Ken Wills