Korea Stocks Movers: Hana, STX Offshore, Woongjin Coway
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. in Seoul.
The Kospi index fell 31.31, or 1.6 percent, to 1,977.19, the lowest since Dec. 8. The gauge lost 4.6 percent this week, the most since the week to May 23.
Hana Financial Group Inc. (086790 KS) fell 5.7 percent to 42,500 won, the most since Oct. 21, after the company said yesterday it will sell 1.43 trillion won ($1.3 billion) worth of new common shares to buy Korea Exchange Bank. Funding details show that there’s no lock-up period, which may trigger share overhang issues, Hwang Seok Kyu, a banking analyst at Kyobo Securities Co., said in a note today.
Hyosung Corp. (004800 KS) lost 6.7 percent to 83,000 won, the lowest since July 30, after Korea Exchange Inc. ordered its unit Chin Hung International Inc. (002780 KS) to clarify speculation about debt restructuring. Chin Hung International, which is required to make the clarification by 6 p.m. today, fell by the daily limit of 15 percent.
STX Offshore & Shipbuilding Co. (067250 KS), a shipyard, added 2.4 percent to 30,500 won, the most since Feb. 1. The company won an order to build four bulk carriers worth a combined $160 million, according to a statement.
Woongjin Coway Co. (021240 KS), a South Korean water- purifier maker, dropped 7.7 percent to 32,600 won, the lowest since Feb. 9, 2010. The stock fell amid concern the company’s earnings will decline in the first half because of costs for its cosmetics business, said Park Jong Dae, an analyst with HI Investment & Securities Co.
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