South Korean Stocks: Shinsegae, Lotte, Kumho Tire, SK Innovation
Shares of the following companies had unusual moves in Seoul trading. Stock symbols are in parentheses and prices are as of 9:51 a.m.
The Kospi index (KOSPI) fell 0.9 percent to 1,940.28.
Department store operators declined. Shinsegae Co. (004170 KS) dropped 2.8 percent to 245,500 won, while Lotte Shopping Co. (023530 KS) lost 2 percent to 416,000 won. Sales at major South Korean department stores rose at the slowest pace in 11 months in February, the Ministry of Knowledge Economy said today.
Kumho Tire Co. (073240 KS) fell 2.3 percent to 14,950 won. China will investigate the tire maker following a report by state television that the company used more recycled rubber than its own regulations allow for, the Chinese Ministry of Industry and Information Technology said yesterday. Kumho will cooperate with the investigation, the company said in a statement yesterday.
SK Innovation Co. (096770 KS) jumped 2.8 percent to 205,000 won. South Korea’s biggest refiner plans to ship 260,000 barrels of gasoline, equivalent of 25 percent of Japan’s daily consumption, to JX Nippon Oil & Energy Corp. after last week’s earthquake shut down more than a quarter of the country’s oil- processing capacity, SK said yesterday.
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