Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close in Seoul. The Kospi Index (KOSPI) fell 15.99, or 0.7 percent, to 2,192.36. The gauge lost 0.3 percent this week, paring its gain for the month to 4.1 percent.
Steelmakers: Posco (005490) (005490 KS) declined 1.3 percent to 468,000 won. Hyundai Steel Co. (004020) (004020 KS) lost 5.2 percent to 136,000 won. Dongkuk Steel Mill Co. (001230 KS) fell 7.7 percent to 42,600 won. “Speculation that China may increase tightening of the property market and raise interest rates in May is affecting sentiment because such moves could slow steel demand and pricing,” Jeon Seung Hun, a Seoul-based analyst with Daewoo Securities Co., said by phone today.
Doosan Infracore Co. (042670 KS), South Korea’s biggest construction-equipment maker, climbed 3.7 percent to 29,600 won, the highest close since April 8. The company said first-quarter operating profit increased 69 percent and that it agreed to sell its forklift business.
KB Financial Group Inc. (105560) (105560 KS), the owner of South Korea’s largest lender, gained 5.1 percent to 57,500 won, the steepest jump since July 23. First-quarter profit rose 23 percent to 757.6 billion won ($707 million) as lending margins widened and bad-loan provisions fell, according to a filing from the company.
Samsung Electronics Co. (005930 KS), the world’s largest maker of TVs and flat-screen panels, fell 0.8 percent to 893,000 won, falling for a second day. The company said consumer- electronics sales may stay muted in the second quarter. Samsung reported a 30 percent drop in first-quarter net income as competition drove down prices.
Seoul Semiconductor Co. (046890 KS) retreated 6 percent to 32,050 won, the lowest close since Aug. 10, 2009. The company’s lowered profit guidance prompted Daewoo Securities Co. and LIG Investment & Securities Co. to cut their share-price estimates.
To contact the editor responsible for this story: Darren Boey at email@example.com