South Korean Stocks: CJ, Korea Investment, LG, Samsung Life
The Kospi Index (KOSPI) retreated 0.5 percent to 1,963.42, falling for a fourth day to the lowest level since Feb. 1. It’s the gauge’s longest losing streak since a four-day decline through Jan. 9.
CJ CheilJedang Corp. (097950) (097950 KS), which makes processed food products, added 1.1 percent to 337,500 won. Daewoo Securities Co. raised its share-price estimate to 400,000 won from 380,000 won, citing the company’s lysine business overseas.
Korea Investment Holdings Co. (071050) (071050 KS), a financial holding company, declined 2 percent to 41,900 won. Korea Investment said it’s considering a bid for Kumho Investment Bank (010050) (010050 KS).
LG Electronics Inc. (066570) (066570 KS) advanced 4.9 percent to 78,700 won, the most since Feb. 2. HMC Investment Securities Co. raised its first-quarter operating profit estimate for the company to 445 billion won ($390 million) from 423.4 billion won previously, citing a stronger-than-expected performance from its television business. Nomura Holdings Inc. increased its share- price estimate to 117,000 won, citing higher 2012 earnings forecasts.
Samsung Life Insurance Co. (032830) (032830 KS) rallied 3.1 percent to 100,500 won, the steepest gain since March 19. The South Korean life insurer plans to buy back 3 million shares to stabilize its stock price, according to a regulatory filing.
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