South Korean Equity Movers: Honam, Korea Aerospace, LG Chem
The Kospi Index (KOSPI) fell 1.2 percent to 1,976.55. The gauge has retreated 1.6 percent this week, heading for its second straight weekly decline.
Korea Aerospace Industries Ltd. (047810) (047810 KS) rallied 5 percent to 31,550 won, poised for the biggest gain since March 20. Korea Finance Corp. will select arrangers this month as it prepares to sell a more than 40 percent stake in Korea Aerospace. The state-run financier and three other shareholders expect to sell the stake in Korea Aerospace by the end of the year, Chief Executive Officer Chin Young Wook said.
LG Chem Ltd. (051910) (051910 KS), South Korea’s biggest chemicals maker, tumbled 7.1 percent to 323,000 won, heading for the steepest drop since Oct. 20. The company reported a worse-than- estimated 42 percent decline in first-quarter profit as demand in China waned for materials used to make plastic and synthetic rubber.
Other chemical stocks also retreated, with Honam Petrochemical Corp. (011170) (011170 KS) falling 6.5 percent to 300,000 won and Kumho Petro Chemical Co. (011780 KS) losing 4.7 percent to 121,500 won.
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