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 Corp. (078930) sank 8.4 percent to 83,600 won and S-Oil Corp. (010950) 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) , 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) , 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) , 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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