Charter Said to Plan Time Warner Cable Bid Under $140/Share
South Korea Stocks: Hanwha Chemical, Hyundai Hysco, KT Corp.
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 3 p.m. close in Seoul. The Kospi Index (KOSPI) rose 4.89, or 0.3 percent, to 1,806.24, halting a six-day, 17 percent drop. The gauge rose as much as 4.2 percent earlier.
Hanwha Chemical Corp. (009830 KS), South Korea’s biggest maker of chlorine-alkali chemicals, climbed 1.4 percent to 37,500 won. The company raised its forecast for operating profit growth this year to as much as 15 percent, up from the previous estimate of 8 percent, Senior Vice President Choi Kyu Dong said.
Hyundai Hysco (010520) (010520 KS), a steel-products maker, rallied 13 percent to 43,000 won, the biggest advance since April 20. The company reported a 53 percent increase in second-quarter net income.
KT Corp. (030200) (030200 KS), South Korea’s largest phone and Internet company, sank 3.7 percent to 35,050 won, the lowest close since June 8, 2009. Yonhap News reported the carrier is in discussions with South Korea’s telecommunications regulator on lowering basic mobile-phone fees. KT hasn’t made a final decision yet, Lee In Won, a KT spokesman, said by phone.
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