South Korean Stock Movers Column: KT&G, SK Telecom
(Corrects by removing erroneous information from Iraqi electricity ministry about South Korean company.)
The Kospi Index (KOSPI) dropped 1.5 percent to 2,018.61, the biggest decline since Dec. 19.
Kepco Engineering & Construction Co. (052690) (052690 KS) fell 3.3 percent to 77,500. Comments made by the chief executive officer of parent Korea Electric Power to reporters on April 2 indicate winning more orders overseas make take longer than investors expected, Bum Su Jin, an analyst at Samsung Securities Co., said by phone today.
KT&G Corp. (033780) (033780 KS), South Korea’s biggest tobacco company, rose 2.2 percent to 77,800 won. KT&G will begin selling a new cigarette named after the Italian fashion brand “Tonino Lamborghini” on April 18, it said in an e-mailed statement today.
SK Telecom Co. (017670) (017670 KS), South Korea’s largest mobile- phone operator, dropped 3.2 percent to 138,000 won. Posco, the world’s third-biggest steelmaker by output, sold about 2.3 million shares in SK Telecom at a price about 4 percent less than yesterday’s close, Chung Jae Woong, a Seoul-based spokesman for Pohang-based Posco, said by phone today.
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