South Korean Equity Movers: GameHi, Hana Financial, OCI
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the close in Seoul. The Kospi index rose 0.3 percent to 1,859.32.
GameHi Co. (041140) (041140 KS), an online-game developer, dropped 4.4 percent to 9,900 won after denying reports of possible merger with NCsoft Corp. (036570) The stock surged as much as 15 percent earlier after the Maeil Business Newspaper reported Nexon Co. is seeking to merge its units such as GameHi and JCEntertainment Corp. (067000) (067000 KS) into NCsoft. NCsoft and JCEntertainment also denied.
JCEntertainment slipped 5.1 percent to 37,600 won, after rising as much as 9.9 percent earlier. NCsoft added 0.4 percent to 260,000 won.
Hana Financial Group Inc. (086790) (086790 KS) dropped 3.7 percent to 36,700 won, the most since May 18. Hana Chairman Kim Jung Tai said yesterday the company may consider buying a savings bank if terms are right. The chairman’s comment caused some “excessive” concern among investors, pressuring the stock today, Hong Hun Pio, an analyst at KTB Investment & Securities Co., said.
OCI Co. (010060) (010060 KS), South Korea’s biggest maker of polysilicon used in solar panels, advanced 2.5 percent to 205,000 won, the highest close since May 30. First Solar Inc. (FSLR), the world’s largest maker of thin-film solar panels, surged 21 percent yesterday after delaying the close of a German plant until the end of this year to meet unexpected strong demand in Europe.
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