Reuters: Hot Stocks: Korea Hot Stocks-Samsung Engineering shares rally after CEO fired

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Korea Hot Stocks-Samsung Engineering shares rally after CEO fired Aug 2nd 2013, 02:11 SEOUL | Thu Aug 1, 2013 10:11pm EDT SEOUL Aug 2 (Reuters) - South Korea's main KOSPI share index was up 0.62 percent at 1,931.84 as of 0156 GMT. The index opened up 0.81 percent at 1,936.26. Shares in Samsung Engineering Co Ltd jumped 7.2 percent after its CEO was fired on Thursday following a fatal accident at one of the engineering firm's South Korean building sites last week. "The change in leadership factored as the company regroups and concentrates more on research and development rather than growth in size," said James Chong, an analyst at Tong Yang Securities. Also, its bids for a LNG terminal construction project in the UAE and a power plant construction in Saudi Arabia are a sign of the company's poise to ease past losses, Chong added. A water tank at a polysilicon factory that the engineering firm has been building for a joint venture between Samsung Fine Chemicals Co Ltd and U.S.-based MEMC Electronic Materials (now SunEdison Inc) ruptured last Friday, killing three people and injuring 12. Samsung Engineering reported a net loss of 92.8 billion won ($82.59 million) in the second quarter ended June. ($1 = 1123.6000 Korean won) (Reporting by Jungmin Jang and Joyce Lee; Editing by Subhranshu Sahu)

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