South Korea’s Stock Movers: Daekyung Machinery, LG, Shinsegae, STX Pan
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 9:47 a.m. in Seoul.
The Kospi Index (KOSPI) fell 0.4 percent to 1,895.22, following a two-day, 4.9 percent advance.
Daekyung Machinery & Engineering Co. (015590 KS), a chemical-machinery maker, rallied 5.9 percent to 3,320 won. Daewoo Shipbuilding & Marine Engineering Co. (042660 KS) said it is part of a private equity fund that submitted a letter of intent to buy Daekyung Machinery.
LG Display Co. (034220 KS), the world’s second-largest liquid-crystal display maker, advanced 2.3 percent to 24,500 won, heading for the highest close since Oct. 24. LG Display Chief Executive Officer Kwon Young Soo has no plans to meet Apple Inc. CEO Tim Cook, Claire Ohm, a spokeswoman at LG Display said. The Maeil Business Newspaper reported earlier Kwon will meet with Cook to discuss panel supply for iPhone5 and next generation iPad products.
Shinsegae International Co. (031430 KS), which distributes Armani and Diesel brands in South Korea, lost 1.4 percent to 146,000 won. The company was cut to “hold” from “buy” at Woori Investment & Securities Co., which cited a lower earnings outlook.
STX Pan Ocean Co. (028670 KS), South Korea’s biggest bulk carrier, fell 1.7 percent to 6,510 won. The company posted a third-quarter net loss of $37.4 million, according to a statement to the Singapore stock exchange.
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