South Korea Stocks: Hynix, LS Corp., NCsoft, Poongsan, SK
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the close in Seoul. The Kospi Index (KOSPI) fell 4.9 percent to 1,813.25, its steepest drop since Sept. 23. The stock market opened one hour later than usual today to help reduce traffic for high-school students taking their national college entrance examinations. Equity trading began at 10 a.m. Seoul time and closed at 4 p.m. Today was also the expiration of options contracts.
Hynix Semiconductor Inc. (000660) (000660 KS) slipped 2.5 percent to 21,500 won, taking its four-day loss to 13 percent, before a deadline today for companies to bid for a controlling stake in the computer chipmaker. The Electronic Times reported on Nov. 8 that SK Telecom Co. (017670 KS) is reconsidering a plan to bid for the chipmaker. SK Telecom hasn’t yet made a decision on whether to submit a bid today, said Irene Kim, a Seoul-based spokeswoman for the carrier.
SK Telecom dropped 5.2 percent to 145,000 won.
LS Corp. (006260) (006260 KS), which has cable-making and copper- refining subsidiaries, retreated 7.6 percent to 70,300 won, after saying it posted a third-quarter operating loss of 68.4 billion won ($60 million). The stock posted its steepest drop since Sept. 26.
NCsoft Corp. (036570) (036570 KS), an online-game maker, tumbled 7.2 percent to 347,000 won. The shares fell after the company reported a 32 percent drop in third-quarter operating profit and on speculation the commercial launch of its “Blade and Soul” title may be delayed, said Jeong Dae Ho, an analyst with LIG Investment & Securities Co.
Poongsan Corp. (103140 KS), a copper-products maker, slipped 8.2 percent to 28,400 won. Copper futures for December delivery yesterday slid 2.6 percent on the Comex in New York, the biggest loss for a most-active contract since Nov. 1.
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