South Korea Stock Movers: Daelim, Hankook Tire, LG Electronics
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close in Seoul. The Kospi Index (KOSPI) rose 5.61, or 0.3 percent, to 2,174.31, rising for a second day.
Hankook Tire Co. (000240 KS), South Korea’s biggest tiremaker, fell 5.6 percent to 43,000 won, the steepest drop since June 13. Woori Investment & Securities Co. cut its rating to “hold” from “buy,” saying the current stock price mostly reflects an expected improvement in margins next year, according to a report today.
LG Electronics Inc. (066570) (066570 KS), the world’s third-largest mobile-phone maker, rallied 2.6 percent to 83,800 won, the biggest increase since July 15. The stock gained after the company reported losses at its wireless division that were narrower than analysts had estimated. The loss at the mobile- phone division totaled 54 billion won ($51 million) in the three months ended in June, compared with a median estimate for a loss of 80.2 billion won in a Bloomberg News survey of six analysts.
Samho International Co. (001880 KS) tumbled 15 percent to 2,440 won, after a company whose asset-backed commercial papers were backed by Samho failed to make payment. Samho made the statement on the commercial papers in a regulatory filing yesterday after the market closed. Daelim Industrial Co. (000210 KS), Samho’s biggest shareholder, also lost 4.8 percent to 128,000 won.
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