South Korea Stocks: Daewoo Securities, Kumho Petrochemical, KT&G
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 10:51 a.m. on the Korea Exchange. The Kospi Index (KOSPI) rose 0.5 percent to 1,842.21.
Daewoo Securities Co. (006800 KS) tumbled 15 percent, or daily limit, to 11,700 won. The company plans to sell 136.6 million new shares to raise 1.4 trillion won ($1.3 billion), according to a filing. Other brokerages also dropped on concern they will take similar steps as South Korea’s government encourages them to increase their scale to boost global competitiveness.
Samsung Securities Co. (016360 KS) lost 6.4 percent to 55,200 won. Woori Investment & Securities Co. (005940 KS) plunged 15 percent to 11,100 won.
Korea Kumho Petrochemical (011780) Co. (011780 KS) added 5.4 percent to 175,500 won. The synthetic rubbers maker’s earnings will recover from September on lower raw material costs, Tong Yang Securities Inc. estimated in a report today.
KT&G Corp. (033780) (033780 KS), a South Korean tobacco maker, rallied 2.3 percent to 71,600 won. KT&G was among seven companies chosen by Agricultural Bank of Greece SA to proceed to the next phase of its sale of a 50.4 percent stake in tobacco unit SEKAP SA, according to an Athens bourse filing.
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