South Korea Stocks: Hankook Tire, Mando, OCI, Samsung SDI
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 (KOSPI) rose 19.25, or 0.9 percent, to 2,091.38, the highest close since Jan. 28. The index has added 2 percent this quarter, set for its ninth straight quarterly advance. That would be the longest winning streak since 1988.
Hankook Tire Co. (000240 KS), South Korea’s biggest tiremaker, rose 3.7 percent to 36,700 won, a record high. The stock gained on speculation first-quarter earnings will exceed analysts’ forecasts, according to Daishin Securities Co.
“Investors are betting on a stronger-than-estimated earnings and on lower rubber prices in the second half,” said Kim Byung Kuk, an analyst at Daishin Securities.
Hynix Semiconductor Inc. (000660) (000660 KS), the world’s second- largest maker of computer-memory chips, gained 1.8 percent to 31,550 won, the highest level since Sept. 11, 2007. The global market for dynamic random access memory chips is bottoming out, with demand likely to improve from the second quarter, Hynix Chief Executive Officer Kwon Oh Chul said today. In the mid- to long-term, the outlook for the memory-chip market is “bright,” with mobile devices driving demand, he said.
Mando Corp. (060980) (060980 KS), a South Korean automotive parts maker, retreated 3.1 percent to 174,500 won, the steepest drop since March 10. The company was cut to “neutral” from “buy” at Nomura Holdings Inc., which said the stock’s valuation has turned “unattractive” after a rally.
OCI Co. (010060 KS), South Korea’s largest polysilicon maker, gained 1.3 percent to 493,000 won, a record high. The company won a $904 million order from China to provide the key material for solar cells, according to a filing.
Samsung SDI Co. (006400 KS), a South Korean maker of lithium-ion rechargeable batteries, climbed 4.4 percent to 168,000 won, the biggest jump since Jan. 3. The company’s earnings will increase further in the second half, LIG Investment & Securities Co. said in a report today.
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