Reuters: Hot Stocks: Korea Hot Stocks- Woongjin affiliates soar on turnaround hopes

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Korea Hot Stocks- Woongjin affiliates soar on turnaround hopes Jan 3rd 2013, 00:41 SEOUL | Wed Jan 2, 2013 7:41pm EST SEOUL Jan 3 (Reuters) - South Korea's main KOSPI share index was down 0.1 percent at 2,029.82 points as of 0032 GMT. The index opened up 0.5 percent. Woongjin Holdings jumped by the daily permissible limit of 15 percent after it said late on Wednesday that it acquired a controlling stake in Woongjin Chemicals , which also jumped 15 percent. The stake was previously held by water purifier-maker Coway (formerly Woongjin Coway). Woongjin Holdings, the parent company of the cash-strapped group, is in the midst of reorganizing its business empire through a court receivership. Coway, which is highly profitable, is to be sold to local private equity fund MBK Partners in one of the largest Asian leverage buyout deals in recent years, to help raise money for Woongjin group. Shares in other Woongjin affiliates Woongjin Energy also hit the ceiling on hopes of a group-wide turnaround. (Reporting By Somang Yang; Editing by Eric Meijer)

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