South Korea Stocks: Hyundai Motor, LG Innotek, Lock & Lock

Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 9:31 a.m. in Seoul. The Kospi Index (KOSPI) fell 0.1 percent to 1,842.20. The gauge has lost 14 percent this month, the most since October 2008.

Hyundai Motor Co. (005380) (005380 KS), South Korea’s largest automaker, rose 1.3 percent to 199,000 won. The company hasn’t considered an acquisition of Green Cross Life Insurance Co., denying a Maeil Business Newspaper report. The newspaper said Hyundai is in talks with Green Cross Holdings Corp. to buy its life insurance unit.

LG Innotek Co. (011070 KS), a light-emitting diode maker, retreated 2.3 percent to 71,300 won. Shinyoung Securities Co. cut its stock rating to “neutral,” citing an “uncertain” demand outlook, in a report today.

Lock & Lock Co. (115390 KS), a South Korean maker of plastic food containers, lost 4 percent to 31,000 won, falling for a second day. The stock yesterday fell by the daily limit of 15 percent after announcing a plan to sell new shares.

To contact the reporter on this story: Saeromi Shin in Seoul at sshin15@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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