South Korean Stocks: Samsung Electronics, Woongjin, Ssangyong
The Kospi index (KOSPI) fell 2.4 percent to 1,923.92.
Chipmakers fell. Samsung Electronics Co. (005930 KS), the world’s largest maker of memory chips, fell 4.4 percent to 860,000 won, while Hynix Semiconductor Inc. (000660) (000660 KS) dropped 4.7 percent to 28,700 won. Demand for chips from Japanese electronics makers may decrease, while supplies of semiconductor components may be disrupted after the earthquake in Japan last week, said Jay Kim, an analyst at Mirae Asset Securities Co.
“The problem is we don’t have accurate information about the situation in Japan,” he said. “The market is moving both ways just on speculation.”
Makers of wind and solar power parts rose, led by Woongjin Energy Co. (103130 KS), which advanced 3.9 percent to 14,800 won. Taewoong Co. (044490 KS) climbed 3.8 percent to 48,700 won. The stocks gained on speculation demand for renewable energy may increase after the earthquake in Japan highlighted the risks of nuclear power, said Cho Seung Yeon, an analyst at HMC Investment Securities Co.
Ssangyong Cement Industrial Co. (003410 KS), South Korea’s biggest cement maker, jumped by the maximum 15 percent for a second day, to 8,990 won. “It’s driven by expectations that their cement exports will increase” amid recovery work in Japan, said Han Jong Hyo, an analyst at Shinyoung Securities Co. in Seoul.
Samsung Fine Chemicals (004000 KS), a chemicals maker, rose 3.3 percent to 68,000. A potential shortage of naphtha will lower production at Japanese chemical factories, while a power shortage and port shutdowns may delay shipments, analysts led by Lee Min Hee at Dongbu Securities Co. said in a note yesterday.
NCSoft Corp. (036570) (036570 KS) rose 0.8 percent to 243,000 won. The stock was rated new “overweight” at JPMorgan Chase & Co. with a target price of 300,000 won.
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