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South Korea Stocks: Hyundai Development, Korea Life, Posco

Nov. 1 (Bloomberg) -- 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 0.6 points, or less than 0.1 percent, to 1,909.63. The gauge rose 7.9 percent in October, its best monthly performance since March.

Hyundai Development Co. (012630 KS), a South Korean builder, tumbled 12 percent to 20,650 won, its steepest drop since Sept. 26. Citigroup Inc. cut its stock rating to “neutral” from “buy,” citing weaker-than-expected third-quarter earnings, in a report dated yesterday.

Korea Life Insurance Co. (088350 KS), a life insurer, rallied 12 percent to 7,000 won, the highest close since Aug. 5. The company will buy back 26 million of its own shares, according to a regulatory filing.

Posco (005490 KS), South Korea’s largest steelmaker, slipped 2.1 percent to 381,000 won, falling for a second day. Standard & Poor’s lowered Posco’s long-term corporate credit and debt ratings to “A-” from “A” after the company’s third-quarter results fell short of expectations.

SK Telecom Co. (017670 KS), South Korea’s largest mobile-phone operator, added 2 percent to 151,000 won. SK Holdings Co. will buy 270 billion won ($244 million) worth of SK Telecom shares, according to a regulatory filing.

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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