South Korea Stocks: Cheil Industries, Shinhan, SK Innovation
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) fell 47.79, or 2.3 percent, to 2,018.47, rounding off its biggest three-day drop since November 2008.
Refiners: SK Innovation Co. (096770 KS), South Korea’s biggest oil refiner, tumbled 8 percent to 196,000 won. GS Holdings (078930) Corp. (078930 KS) sank 8.4 percent to 83,600 won and S- Oil Corp. (010950 KS) dropped 8.4 percent to 141,500 won.
Oil fell for a fifth day in New York as signs of a slowing U.S. recovery countered speculation that the Federal Reserve may start another stimulus program in the world’s biggest crude- consuming nation.
Cheil Industries Inc. (001300) (001300 KS), an apparel and chemical products maker, lost 4 percent to 108,000 won, after saying second-quarter net income declined 38 percent. The stock fell to the lowest level since March 24.
CJ CheilJedang Corp. (097950) (097950 KS), a food processor, rallied 3.8 percent to 311,000 won, the biggest increase since July 27. Shinyoung Securities Co. raised its share-price estimate to 335,000 won, saying the company’s operating profit will increase 33 percent next year.
Shinhan Financial Group Co. (055550 KS), South Korea’s largest financial company by market value, rose 1.7 percent to 49,850 won. Second-quarter profit more than doubled as bad-debt provisions fell and a central bank interest-rate increase improved margins. Net income climbed to 964.8 billion won ($910 million) in the three months ended June 30 from a restated 447.6 billion won a year earlier, according to a filing.
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