South Korea’s Stocks: Daelim Industrial, Korea Line, LG, S-Oil
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the close in Seoul.
The Kospi Index (KOSPI) rose 1.6 percent to 1,865.18, taking its advance in the past eight days to 12 percent. The gauge rose to the highest level since Sept. 2.
Refiners: SK Innovation Co. (096770 KS) rallied 5.6 percent to 159,500 won. GS Holdings (078930) Corp. (078930 KS) rose 5.4 percent to 62,700 won, while S-Oil Corp. (010950) (010950 KS) added 8.9 percent to 110,500 won. The refiners gained after Samsung Securities Co. said the companies’ shares are undervalued.
Daelim Industrial Co. (000210 KS), a South Korean builder and petrochemical company, climbed 7.8 percent to 86,700 won. The company received an order from Saudi Electricity Co. to build a power plant, according to a regulatory filing.
Korea Line Corp. (005880) (005880 KS), South Korea’s second-largest operator of bulk ships that went into court receivership in February, tumbled by the daily limit of 15 percent to 8,550 won. The shipping company will cancel stock and sell 16.6 million new shares, according to regulatory filings.
LG Electronics Inc. (066570) (066570 KS), the world’s third-largest mobile-phone maker, lost 1.4 percent to 72,000 won. The company had its long-term corporate credit and senior unsecured debt ratings cut to “BBB-” from “BBB” by Standard and Poor’s, which cited continued operating losses in the handset and display-panel businesses and negative free cash flow.
To contact the reporter on this story: Saeromi Shin in Seoul at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org