South Korea Stocks: Korea Zinc, LG Chem, Poongsan, Ssangyong
Stock Chart for Korea Zinc Co Ltd (010130)
The Kospi Index (KOSPI) dropped 0.9 percent to 2,016.06.
Metal producers: Korea Zinc Co. (010130 KS), which produces gold and silver, lost 2.3 percent to 418,000 won. Poongsan Corp. (103140 KS), a copper-products maker, sank 3 percent to 32,300 won. Gold for April delivery fell 0.7 percent in New York on March 2, while silver futures for May delivery fell 3.2 percent. Copper futures also retreated.
Ssangyong Engineering & Construction Co. (012650) (012650 KS) added 1.4 percent to 6,580 won, its biggest gain since Feb. 8. State- run Korea Asset Management Corp. will resume a plan to sell its stake in Ssangyong Engineering in April, MoneyToday reported, without saying where it got the information. Officials at Korea Asset’s public relations team said a detailed plan on how and when to sell its stake hasn’t been decided.
LG Chem Ltd. (051910) (051910 KS), the biggest South Korean chemicals maker, slipped 4.8 percent to 384,500 won, the most since Dec. 19. General Motors Co. (GM), missing sales goals for the Chevrolet Volt plug-in hybrid, plans to halt production of the sedan for five weeks starting later this month rather than discount the high-technology cars. LG Chem supplies Volt batteries.
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