South Korean shares edged up on Friday, stabilizing after a steep 3% sell-off in the previous session, as bargain hunters snapped up beaten-down semiconductor stocks despite persistent anxieties over the AI value chain.
The Korea Composite Stock Price Index, or Kospi, increased by 16.53 points, or 0.3%, to close at 5,550.3. The Kosdaq fell by 12.41 points, or 1.6%, to close at 751.69.
In corporate news, HD Korea Shipbuilding & Offshore Engineering (KRX:009540) said Friday that its parent HD Hyundai's (KRX:267250) U.S. subsidiary, HD Hyundai USA, and Kiewit Offshore Services signed an agreement on Thursday in Houston to establish a joint venture named HD Kiewit Shipbuilding.
The companies have continued discussions since entering a key partnership in July, according to a Friday filing with the Korea Exchange.
However, plans to raise project investment to trillions of Korean won through a paid-in capital increase, as reported by The Korea Economic Daily on Oct. 23, remain under discussion. No specific details have been finalized yet, the filing said.
HD Hyundai said it will provide an update once details are confirmed or within one month, it said.
Shares of HD Korea Shipbuilding & Offshore Engineering fell nearly 2% at market close, while those of HD Hyundai declined over 3%.
In other news, Hansol Technics (KRX:004710) subsidiary Hansol Iones plans to raise 60 billion won via the issuance of 6.579 million new common shares for facility investment, according to a Friday filing with the Korea Exchange.
The new shares have a par value of 500 won each, compared with 28.14 million shares outstanding before the paid-in capital increase.
Shares of Hansol Technics rose nearly 1% at market close.
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