South Korea Equity Movers: Kangwon Land, Korea Express, Kumho
The Kospi Index (KOSPI) fell 8.04, or 0.4 percent, to 2,055.86.
Kangwon Land Inc. (035250) (035250 KS), which runs the only South Korean casino open to locals, lost 3.7 percent to 27,450 won, the largest drop since May 23. South Korea’s tourism ministry may seek to allow Koreans into gambling venues open only to foreigners, the Chosun Ilbo newspaper reported. Public relations officials from the ministry declined to comment.
Korea Express Co. (000120 KS), the logistics company put up for sale by its biggest shareholders, rallied by the daily limit of 15 percent to 134,500 won. The stock gained after Samsung SDS Co. said it may make a joint bid with steelmaker Posco (005490 KS) for Korea Express. Posco (005490) shares were unchanged at 440,500 won.
Kumho Industrial Co. (002990 KS), a South Korean builder, climbed 11 percent to 10,000 won, the highest close since May 20. The company is discussing with creditors whether to sell its express bus division, according to a filing.
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