South Korea Stocks: Asiana, Daewoo Ship, Sejong, Woongjin Energy

Shares of the following companies had unusual (KOSPI) moves in South Korea trading. Stock symbols are in parentheses and prices are as of the close in Seoul.

The Kospi Index fell 0.6 percent to 1,856.70, taking this year’s decline to 9.5 percent.

Asiana Airlines Inc. (020560) (020560 KS), South Korea’s second- largest carrier, lost 3 percent to 6,510 won. Creditors of Korea Kumho Petrochemical Co. (011780 KS) asked the company to sell its stake in Asiana, Yonhap News reported, citing an unidentified creditor official. There was no official request from creditors, Steve Cho, a spokesman for Kumho, said by phone today.

Daewoo Shipbuilding & Marine Engineering Co. (042660) (042660 KS) slid 3.9 percent to 24,800 won. The world’s second-largest shipbuilder expects new orders to drop 23 percent next year as shipping lines struggle with an oversupply of vessels and falling rates.

Sejong Industrial Co. (033530) (033530 KS), which makes automobile parts, climbed 1.7 percent to 11,850 won, after rising as much as 5.6 percent earlier. BS Securities Co. rated the stock “buy” in new coverage, citing recovering earnings and a recent decline in its share-price.

Woongjin Energy Co. (103130) (103130 KS) slipped 7 percent to 4,500 won, the lowest close since Dec. 7. Three clients canceled orders for solar-cell wafers because of the global economic slowdown and lower demand for solar power, according to regulatory filings.

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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