South Korea Stocks: Hankook Tire, Hanwha Chemical, Hyosung
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 2.07, or 0.1 percent, to 2,048.74, halting a seven-day, 4.5 percent decline.
Hanjin Heavy Industries & Construction Co. (097230 KS) retreated 1.4 percent to 32,050 won, a fifth day of losses. The company has lost 15.8 billion won ($15 million) from strikes at its main dockyard in Busan since they started in December, the Korea Employers Federation said on its website. Third-party labor union members entered the dockyard yesterday, confronting company-hired members and injuring tens of people, the federation said.
Hankook Tire Co. (000240 KS), a South Korean tiremaker, tumbled 8.2 percent to 39,000 won, the steepest slump since Sept. 14, 2009. Hankook Tire will recall and discard products with potential safety risks in China after the country’s quality watchdog said there may be safety problems, according to a statement.
Hanwha Chemical Corp. (009830 KS) gained 3.5 percent to 47,800 won after saying it has signed a license deal worth about $720 million with Merck Sharp & Dohme Research Ltd.
Hyosung Corp. (004800) (004800 KS), a South Korean chemicals and trading company, added 1.5 percent to 81,900 won. Goodyear Tire & Rubber Co. (GT) agreed to sell its global wire business to Hyosung, according to a statement. Goodyear and its affiliates will get about $50 million for the business, subject to post-closing adjustments.
Hyundai Heavy Industries Co. (009540 KS), the world’s biggest shipbuilder, rallied 2.3 percent to 454,000 won, halting a five-day drop. Hoegh LNG Holdings Ltd. placed a $506 million order for two floating storage and re-gasification units from Hyundai Heavy. The shipbuilder will deliver the units, able to hold 170,000 cubic meters (6 million cubic feet) of liquefied- natural gas, by the first quarter of 2014, Oslo-based Hoegh said.
Hyundai Motor Co. (005380) (005380 KS), South Korea’s biggest automaker, climbed 1.6 percent to 226,500 won. The company settled a dispute with workers at its factory in Asan, south of Seoul. Work started at 6 a.m. on June 11 at the plant after a 39-hour stoppage, according to an e-mail.
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