South Korea Stocks: Hynix, Kolon Industries, Shinhan Financial
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 3 p.m. close in Seoul.
The Kospi Index (KOSPI) rose 1.4 percent to 1,774.08, halting a two-day, 5.3 percent retreat.
Banks: Shinhan Financial Group Co. (055550 KS) lost 4.4 percent to 38,450 won. Hana Financial Group Inc. (086790) (086790 KS) retreated 2 percent to 32,650 won. KB Financial Group Inc. (105560) (105560 KS) sank 2 percent to 36,500 won. The nation’s financial watchdog plans to make lenders beef up foreign-currency holdings as several failed stricter stress tests, Yonhap News reported .
South Korea’s financial regulator last month completed stress tests on local banks’ foreign-currency liquidity, Ernst Lee, a spokesman for the Financial Services Commission, said by phone, declining to elaborate further on the report.
Hynix Semiconductor Inc. (000660) (000660 KS), the world’s second- largest computer-memory chipmaker, climbed 6.3 percent to 21,100 won, the highest close since Aug. 11. The stock advanced on speculation prices of computer memory chips will stabilize soon, said Choi Do Yeon, an analyst with LIG Investment & Securities Co. Hynix’s bigger rival Samsung Electronics Co. (005930 KS) added 2.4 percent to 771,000 won.
Kolon Industries Inc. (120110) (120110 KS) tumbled by the daily limit of 15 percent to 76,100 won, the lowest level since April 6. DuPont Co. won a $919.9 million jury award from Kolon over the theft of trade secrets about the manufacture of Kevlar, an anti-ballistic fiber used in police and military gear. Kolon Corp. (002020) (002020 KS), Kolon Industries’ biggest shareholder, also dropped 15 percent to 25,050 won.
SK Broadband Co. (033630 KS), an Internet service provider, gained 0.9 percent to 3,390 won. Fitch Ratings upgraded SK Broadband’s long-term foreign- and local-currency issuer default ratings and its senior unsecured debt rating to A- from BBB+.
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