South Korea Stocks: Hanjin Shipping, Hynix, Shinsegae, Woori
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 24.13, or 1.3 percent, to 1,793.31, the lowest level since Sept. 9. The gauge tumbled 7.7 percent this week, its third straight weekly drop.
Hanjin Shipping Co. (117930 KS), South Korea’s largest shipping line, lost 6.6 percent to 16,250 won, after posting a loss of 274 billion won ($254 million) in the second quarter.
Hynix Semiconductor Inc. (000660) (000660 KS), the world’s second- largest computer-memory chipmaker, tumbled 9.6 percent to 19,750 won, the steepest drop since Dec. 24, 2008. NH Investment & Securities Co. said in a report computer-memory chip prices will probably continue their drop in the third quarter.
Shinsegae Co. (004170 KS) rallied 6.4 percent to 315,500 won, the biggest advance since June 10. The retailer gained after July operating profit increased 18 percent and brokerages including LIG Investment & Securities Co. raised their stock recommendations.
Woori Finance Holdings Co. (053000 KS) added 0.9 percent to 11,300 won, halting an eight-day retreat. Woori gained after the Seoul Economic Daily reported Goldman Sachs Group Inc. may invest 600 billion won in a group led by MBK Partners that will bid for the South Korean financial company. Christopher Jun, a Goldman Sachs spokesman in Seoul declined to comment. The stock rose as much as 5.4 percent earlier.
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