Gold Drops to $1,200/oz for First Time Since June in New York
South Korea Stocks: Asiana Airlines, Glovis, Samsung, Taewoong
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses, and prices are at the 3 p.m. close in Seoul.
The Kospi Index (KOSPI) fell 24.41, or 1.2 percent, to 1,980.27.
Airlines: Korean Air Lines Co. (003490 KS) fell 3.1 percent to 61,600 won. Asiana Airlines (020560) Inc. (020560 KS) tumbled 6.1 percent to 9,860 won. The shares fell after oil rose to the highest in 29 months in New York and after Incheon International Airport Corp. said February cargo traffic dropped 5.1 percent. Fuel accounts for more than 30 percent of operating costs for Korean Air, according to data compiled by Bloomberg.
Glovis Co. (086280 KS), a logistics unit of Hyundai Motor Group, jumped 7.4 percent to 146,000 won, the most since Aug. 23. KB Investment & Securities Co. rated the shares “buy” in new coverage, saying in a report today operating profit may rise 33 percent this year.
Samsung Electronics Co. (005930 KS), Asia’s biggest maker of chips, flat screens and mobile phones, fell 4.1 percent to 906,000 won, the most since Nov. 27, 2009. “There’s market speculation that the company’s first-quarter earnings will be smaller than expected, largely driven by weak display business,” said Kim Young Chan, an analyst with Shinhan Investment Corp. Jason Kim, a spokesman for Samsung, declined to comment.
Taewoong Co. (044490 KS), a maker of parts for wind power plants, added 2.6 percent to 47,900 won, after rising as much as 5.6 percent earlier. China tightened rules for its wind-power equipment industry to prevent new entrants from making turbines. “The measures in China would help ease oversupply conditions there, and Taewoong, as a major parts supplier in China, will benefit,” Han Byung Hwa, an analyst at Hyundai Securities Co., said in a note today.
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