Korea Electric Power Corp., Doosan Heavy Industries & Construction Co. and other South Korean builders jumped the most in a year after winning a $20 billion nuclear-plant contract from the United Arab Emirates, the first such order awarded by a Gulf Arab nation.
Korea Electric gained 11 percent to 36,500 won as of 9:19 a.m. on the Korea Exchange, while Doosan Heavy climbed the daily limit of 15 percent to 84,900 won. Both rose by the most since Dec. 8, 2008. The benchmark Kospi stock index advanced 0.7 percent.
A Korea Electric-led group, which also includes Hyundai Engineering & Construction Co. and Samsung C&T Corp., will design, build and help operate four 1,400-megawatt nuclear power units to be completed from 2017 to 2020, Emirates Nuclear Energy Corp. said yesterday in an e-mailed statement. The order is part of a “fleet of power plants” the U.A.E. wants to build, Chief Executive Officer Mohammed al-Hammadi said.
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