South Korea Stocks: Asiana Airlines, Kia Motors, Samsung Fire
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 9:26 a.m. in Seoul. The Kospi Index (KOSPI) fell 23.08 points, or 1.1 percent, to 2,151.23.
Insurers: Samsung Fire & Marine Insurance Co. (000810 KS) lost 1.9 percent to 231,500 won, heading for the lowest close since June 17. Dongbu Insurance Co. (005830 KS) decreased 2.4 percent to 53,700 won. The companies fell after torrential rain across South Korea caused flooding and landslides.
Asiana Airlines (020560) Inc. (020560 KS), South Korea’s second- largest carrier, lost 3.9 percent to 11,150 won, the most since March 14. An Asiana cargo plane crashed in the waters off Jeju island, the Ministry of Land, Transport and Maritime Affairs said in a statement.
Kia Motors Corp. (000270) (000270 KS), South Korea’s second-biggest automaker, lost 1.6 percent to 78,100 won. Kia’s South Korean workers rejected a tentative accord between the company and their labor union, raising the chances of a strike. Only 47 percent of votes were cast in favor of the agreement made on July 22, said Kim Yeon Hong, secretary general of the Korea Metal Workers Union, an umbrella labor group for Kia employees.
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