Stocks Movers Column: Daewoo Ship, Korea Petrochemical, Samsung Heavy
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses, and prices are as of the 3 p.m. close in Seoul.
The Kospi Index fell 12.04, or 0.6 percent, to 2,069.70.
Shipbuilders: Samsung Heavy Industries Co. (010140 KS) lost 4.1 percent to 40,000 won. Daewoo Shipbuilding & Marine Engineering Co. (042660 KS) retreated 6.8 percent to 36,850 won. STX Offshore & Shipbuilding Co. (067250 KS) dropped 7.3 percent to 32,250 won. The shares declined after the Financial Times newspaper reported Japanese shipbuilders are calling on their government to counter the so-called cheap currency advantage of their South Korean rivals.
“The report about Japanese shipyards as well as recent gains in Korean shipyards seem to have triggered some profit- taking today,” said Song Seong Yeob, a fund manager at KB Asset Management Co. in Seoul.
Doosan Infracore Co. (042670 KS), South Korea’s largest construction-equipment maker, gained 3.9 percent to 30,950 won. The company was raised to “overweight” from “neutral” at JPMorgan Chase & Co.
Korea Petrochemical Industrial Co. (006650 KS), a chemical products maker, lost 5 percent to 104,000 won, after reporting explosions at its plant in Ulsan, South Korea. The drop was the most since July 1.
Taewoong Co. (044490 KS), a South Korean maker of parts for wind power plants, added 1.2 percent to 51,500 won, after rallying as much as 6.3 percent earlier. The U.S. government identified four locations for offshore wind projects, a move that may accelerate the development of renewable energy projects. Interior Secretary Ken Salazar and Energy Secretary Steven Chu announced the Wind Energy Areas, along the coasts of New Jersey, Delaware, Maryland and Virginia, during a conference call.
To contact the reporter on this story: Saeromi Shin in Seoul at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org