South Korean Stocks: Daekyung, Daewoo Shipbuilding, Shinwon

Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 9:21 a.m. in Seoul. The Kospi index (KOSPI) rose 0.1 percent to 1,814.35.

Daekyung Machinery & Engineering Co. (015590) (015590 KS) slipped 6.7 percent to 2,035 won. Daewoo Shipbuilding & Marine Engineering Co. (042660) (042660 KS) dropped its bid for Daekyung, citing changes in the domestic and global economic environment and failure to negotiate a price for the company. Daewoo Shipbuilding shares added 1.4 percent to 25,650 won.

Shinwon Corp. (009270) (009270 KS), a South Korean apparel maker, jumped by the daily limit of 15 percent to 1,350 won. The stock climbed after the Seoul Economic Daily reported the company acquired Italian luxury bag maker Romeo Santamaria.

To contact the reporter on this story: Saeromi Shin in Seoul at sshin15@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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