South Korea Stocks: Hanjin Shipping, Korea Zinc, Woongjin Energy
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 9:54 a.m. in Seoul.
The Kospi Index (KOSPI) fell 0.7 percent to 1,684.89, falling for a third day and is set for the lowest close since July 7, 2010.
Metals-related companies: Korea Zinc Co. (010130 KS), which produces gold and silver, dropped 11 percent to 303,000 won, heading for the lowest close since Feb. 1. Gold for immediate delivery was little changed today after sliding 4.8 percent on Sept. 23. Bullion slumped 8.6 percent last week.
Poongsan Corp. (103140 KS), a copper-products maker, lost 6.4 percent to 26,550 won. Copper futures in London fell 1.3 percent today, taking its slump in the past seven days to 16 percent.
Hanjin Shipping Co. (117930 KS) tumbled by the daily limit of 15 percent to 11,650 won. South Korea’s largest shipping line plans to raise about 632 billion won ($533 million) selling new shares and its stake in refiner S-Oil Corp.’s second-biggest shareholder.
Woongjin Energy Co. (103130 KS) plunged 9.3 percent to 6,070 won. A client canceled a 121.6 billion won order for the supply of silicon wafers used to make solar cells, according to a stock-exchange filing.
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