South Korea Stocks: CJ O Shopping, Samsung Life, STX Pan Ocean
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 9:19 a.m. in Seoul. The Kospi Index (KOSPI) rose 1.3 percent to 1,903.71, set to post a six-day, 8.5 percent advance.
CJ O Shopping Co. (035760 KS) lost 2.5 percent to 271,100 won. The company and CJ CheilJedang Corp. (097950) (097950 KS) announced plans to buy Samsung Life Insurance Co. shares. CJ CheilJedang dropped 4 percent to 314,000 won. Samsung Life (032830 KS) rallied 3.2 percent to 87,700 won.
Samsung Electronics Co. (005930 KS), Asia’s biggest maker of chips, flat screens and mobile phones, rose 2 percent to 759,000 won. The company will reorganize its liquid-crystal display division to strengthen competitiveness, according to a statement.
STX Pan Ocean Co. (028670 KS), South Korea’s biggest bulk carrier, added 3.9 percent to 8,630 won. The Baltic Dry Index, a measure of commodity shipping costs, rose 5.3 percent to 1,619 points yesterday, according to the Baltic Exchange in London.
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