South Korean Equity Movers: Hyundai Heavy, NCsoft, Woongjin
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 10:30 a.m. in Seoul. The Kospi index rose 0.1 percent to 1,786.95. The gauge has fallen 3.8 percent this week.
Hyundai Heavy Industries Co. (009540) (009540 KS) retreated 5.2 percent to 237,000 won, heading toward the lowest close since Sept. 26. “Investors’ concern that the company’s second- quarter operating profit will fall short of analysts’ estimates are driving the shares lower today,” Kim Hyun, an analyst at Shinhan Investment Corp., said by phone today. Separately, the company plans to sell three-year, five-year bonds to raise 700 billion won.
NCsoft Corp. (036570) (036570 KS) rose 0.9 percent to 219,500 won, halting a two-day, 12 percent retreat. Recent concerns over the success of the company’s “Blade and Soul” game and second- quarter earnings are overdone, Woori Investment & Securities Co. said in a report today. The stock tumbled 8.4 percent yesterday after Hanwha Securities Co. cut its stock rating and lowered the third-quarter sales forecast for “Blade and Soul.”
Woongjin Coway Co. (021240) (021240 KS), a South Korean maker of water purifiers, dropped 1.7 percent to 34,750 won. Woongjin Group denied a report by InvestChosun that it may halt the sale of its stake in Coway. The group is still proceeding with the sale and will “soon” announce results, according to an e- mailed reply to Bloomberg News.
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