Hanyang Securities stock soars on acquisition prospects

Hanyang Securities Co. CI

Shares of Hanyang Securities Co. soared on Monday morning, following reports that a private equity firm has been named as the preferred bidder to acquire the company.

Shares of Hanyang Securities were trading at 17,270 won ($12.7) as of 10:39 a.m. on Monday, up 10.85 percent from the previous session.

Shortly after the market opened, the stock surged to 19,100 won per share, marking a new 52-week high.

The surge came despite the sluggish Kospi market due to economic slowdown fears in the United States.

On Friday, Hanyang Securities signed an agreement with KCGI on the sale of 3,766,973 shares for about 244.8 billion won.

In the defense sector, South Korea’s small- and mid-cap stocks gained ground on Monday, spurred by speculation of imminent Iranian retaliation for the assassination of top Hamas political leader Ismail Haniyeh during his visit to Tehran.

Shares of Huneed Technologies were trading at 9,350 won as of 10:44 a.m., up 20.65 percent from the previous session.

Speco, a supplier of materials for destroyers, also saw its stock rise 17.02 percent to 3,850 won. Shares of Daesung Hi-Tech Co. also gained 9.09 percent to 5,800 won and those of Firstec Co. increased 2.86 percent to 3,235 won.

U.S. news website Axios reported on Saturday that three U.S. and Israeli officials expect an Iranian attack on Israel as early as Monday. Following Haniyeh‘s assassination in Tehran on July 31, both Iran and Hamas have blamed the assassination on Israel’s vowed retaliation.