South Korea Stocks: Korea Express, LG Innotek, Lotte Shopping
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 (KOSPI) rose 34.02, or 1.7 percent, to 2,004.68, ending the week 2.1 percent higher.
Retailers: Lotte Shopping Co. (023530 KS), South Korea’s biggest department-store owner, jumped 6.5 percent to 407,500 won, the most since Sept. 1. Hyundai Department Store Co. (069960 KS) added 4.9 percent to 129,000 won. The shares gained after Woori Investment & Securities Co. said consumer spending will increase more than forecast in the first half, in a report today.
Korea Express Co. (000120 KS) jumped 5.7 percent to 110,500 won, ahead of today’s deadline for letters of interest in buying a controlling stake in the country’s largest logistics company. The gain was the most since Feb. 7.
LG Innotek Co. (011070 KS), a South Korean maker of light- emitting diodes, fell 2.8 percent to 123,000 won. Hyundai Securities Co. cut its share-price estimate by 9 percent, saying the company’s first-quarter earnings will be worse than previously expected.
STX Pan Ocean Co. (028670 KS), South Korea’s biggest bulk carrier, added 5.2 percent to 10,000 won, the most since Feb. 15. The Baltic Dry Index, a measure of commodity shipping costs, rose 2.8 percent to 1,317 points yesterday, according to the Baltic Exchange in London.
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