South Korea Stocks: GS, Hanjin, Korea Zinc, Mirae Asset, Uplus
The Kospi Index (KOSPI) tumbled 5.7 percent to 1,697.44, the lowest close since July 2010. The gauge lost 7.8 percent this week.
Brokerages: Mirae Asset Securities Co. (037620 KS) retreated 10 percent to 29,100 won, a record low. Woori Investment & Securities Co. (005940 KS) lost 8.7 percent to 9,950 won. Daewoo Securities Co. (006800 KS) dropped 6.7 percent to 9,050 won.
“Investors seem to be betting that a market slump will slow trading volumes, but I think today’s declines are excessive,” Jeong Bo Seung, an analyst at Hanwha Securities Co., said by phone today.
Refiners: SK Innovation Co. (096770 KS) lost 8.5 percent to 144,500 won. GS Holdings (078930) Corp. (078930 KS) dropped 8.2 percent to 60,600 won, while S-Oil Corp. (010950) (010950 KS) retreated 5.3 percent to 107,000 won. Gasoline futures yesterday fell to the lowest level in seven months on concern that slower economic growth in the U.S. may curb fuel demand in the world’s largest oil-consuming nation.
Hanjin Shipping Co. (117930 KS) sank 15 percent to 13,700 won. The shipping line plans to sell 40 million new shares, according to a filing.
Korea Zinc Co. (010130 KS), which produces gold and silver, tumbled 15 percent to 341,000 won, the biggest drop since Oct. 24, 2008. Gold for immediate delivery dropped as much as 1.1 percent today and was headed for a third straight weekly loss.
LG Uplus Corp. (032640) (032640 KS), South Korea’s smallest mobile- phone operator, rallied 7.8 percent to 6,070 won, the highest close since May 11. The stock gained on speculation it will begin fourth-generation services before rival SK Telecom Co., according to Park Jong Soo, an analyst at Hanwha Securities Co.
SK Telecom indefinitely pushed back a plan to announce rates for its 4G service from yesterday, without citing a reason.
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