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 fell 2.9 percent to 1,800.55, the biggest drop since Sept. 14.
Cheil Worldwide Inc. (030000 KS), an advertising company, added 5.7 percent to 17,600 won, a record high. Shinyoung Securities Co. raised its share-price estimate to 23,000 won, citing the outlook for earnings next year, according to a report today.
Korean Air Lines Co. (003490 KS), South Korea’s largest carrier, tumbled 7.2 percent to 49,750 won, after the nation’s currency sank to a one-year low.
“A weaker won is negative to the company’s earnings as it slows Koreans’ outbound travel, and boosts foreign currency-denominated costs such as oil,” Park Eunkyung, an analyst with Samsung Securities Co., wrote in a report dated yesterday.
Asiana Airlines Inc. (020560 KS), the second-largest, also slipped 4.8 percent to 8,650 won.
Kumho Tire Co. (073240 KS), a tiremaker, fell 4 percent to 12,150 won, after tumbling as much as 8.3 percent earlier. The company plans to sell 8.15 million new shares, according to a filing.
Mando Corp. (060980 KS), an auto-parts maker, gained 2.9 percent to 198,500 won, the highest close since Aug. 2. The company plans to build a production facility in the U.S. state of Georgia, according to a statement.
Samsung SDI Co. (006400 KS) lost 5.4 percent to 115,000 won. Shinyoung Securities Co. and Meritz Securities Co. cut their share-price estimates, citing weaker earnings. Shinyoung reduced its share-price forecast on SDI to 210,000 won, while Meritz cut the target to 170,000 won, in separate reports today.