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South Korea Stocks: Hankook Tire, LG Innotek, OCI Co., Poongsan

Aug. 31 (Bloomberg) -- Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 3 p.m. close in Seoul.

The Kospi Index rose 2 percent to 1,880.11, rising for a fifth day to the highest level since Aug. 17. The gauge lost 12 percent this month, the most since October 2008.

Hankook Tire Co. (000240 KS), South Korea’s biggest tiremaker, rose 3.5 percent to 39,850 won, the highest close since Aug. 18. The company is in talks with Toyota Motor Corp. to supply tires to the Japanese automaker, the Seoul Economic Daily reported. Officials at Hankook’s public relations team declined to comment.

LG Innotek Co. (011070 KS), a light-emitting diode maker, retreated 1.9 percent to 71,600 won, halting a two-day, 7 percent advance. Shinyoung Securities Co. cut its stock rating to “neutral” from “buy,” citing an “uncertain” demand outlook, according to a report today.

Lock & Lock Co. (115390 KS), a South Korean maker of plastic food containers, lost 2.6 percent to 31,450 won, falling for a second day. The stock yesterday fell by the daily limit of 15 percent after announcing a plan to sell new shares.

OCI Co. (010060 KS), South Korea’s biggest polysilicon maker, sank 1.6 percent to 310,500 won. Goldman Sachs Group Inc. cut its share-price estimate to 320,000 won, citing lower average selling price forecasts.

Poongsan Corp. (103140 KS), a copper-products maker, rallied 4 percent to 42,100 won. Copper yesterday advanced to a three-week high in New York on speculation that U.S. economic growth will spur demand for industrial metals.

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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