South Korea Stocks: Daewoo Shipbuilding, Hana, SK C&C
South Korea’s Kospi Index fell 1.3 percent to 1,901.80 at the 3:00 p.m. close of trading in Seoul, the biggest daily loss in two weeks. North Korea warned that any “escalated confrontation” will lead to war.
The following are among the most-active stocks in South Korea markets.
Daewoo Shipbuilding & Marine Engineering Co. (042660 KS) rose 2.3 percent to 28,850 won. The shipbuilder is likely to win a $4 billion order to build 20 container vessels for A.P. Moeller-Maersk A/S, Korea Economic Daily reported yesterday, citing industry officials it didn’t identify. Daewoo spokesman Ahn Ik Chul declined to comment on the report.
Hana Financial Group (086790 KS) dropped 4.1 percent, the most since Oct. 21, to 37,400 won, extending yesterday’s 1.8 percent decline. The company reached an agreement yesterday to buy a controlling stake in Korea Exchange Bank from Lone Star Funds for 4.7 trillion won ($4.1 billion). Macquarie Group Ltd. lowered the stock to “neutral” from “outperform,” saying “the company doesn’t have enough excess capital considering the scale of the deal.”
SK C&C Co. (034730 KS), the information-system unit of SK Group, climbed 0.3 percent to 89,500 won. The stock was rated new “neutral” by Goldman Sachs Group Inc, with an estimated share price at 104,000 won.
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org