South Korea Stocks: Kyobo, LG Electronics, Nexolon, Poongsan
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 9:28 a.m. in Seoul. The Kospi Index (KOSPI) fell 0.8 percent to 1,809.51, following a six-day, 9.4 percent advance. The gauge is set to post a 2.8 percent gain for the week.
Metal-related companies: Poongsan Corp. (103140 KS), a copper-products maker, retreated 2.9 percent to 30,500 won. Korea Zinc Co. (010130 KS), which produces gold and silver, sank 2.9 percent to 298,000 won. Copper futures yesterday fell the most this month. Silver futures for December delivery dropped 3.4 percent, the most since Sept. 28.
Kyobo Securities Co. (030610) (030610 KS), a brokerage, rallied 3.1 percent to 4,960 won. The company will buy back 1 million shares to stabilize its stock price, according to a regulatory filing.
LG Electronics Inc. (066570) (066570 KS), the world’s third-largest mobile-phone maker, fell 3.2 percent to 70,700 won, heading for the biggest drop since Sept. 23. The company had its Baa2 issuer and senior unsecured debt ratings outlook cut to “negative” from “stable” by Moody’s Investors Service. LG Electronics’ competitive position in its handset business has weakened, Moody’s said in a statement.
Nexolon Co. (110570 KS), South Korea’s biggest maker of silicon ingots and wafers used in solar cells, advanced to 5,500 won in its Seoul trading debut, from the initial public offering price of 4,000 won.
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