South Korea Stocks: Cheil Industries, Hanwha Chemical, Kolon
Shares of the following companies had unusual (KOSPI) moves in South Korea trading. Stock symbols are in parentheses and prices are as of 10:53 a.m. in Seoul.
The Kospi Index rose 0.4 percent to 1,790.02.
Capro Corp. (006380) (006380 KS), which makes materials used in the production of nylon, rose 2.6 percent to 23,900 won, the first increase in five days. Woori Investment & Securities Co. initiated coverage of the company with a “buy” rating and set a share-price forecast of 38,000 won.
Cheil Industries Inc. (001300) (001300 KS), an apparel maker, rallied 3.1 percent to 99,500 won, heading for its largest gain in three weeks, after the company said it acquired Italy’s Colombo Via Della Spiga.
Hanwha Chemical Corp. (009830) (009830 KS), a chemical maker, fell 3.5 percent to 24,900 won after saying its third-quarter net income dropped 24 percent.
Kolon Industries Inc. (120110) (120110 KS) tumbled 11 percent to 62,100 won, set for the biggest loss since Sept. 28. A U.S. district court ruled on Nov. 22 Kolon must pay $350,000 in punitive damages in a lawsuit by DuPont Co. against the South Korean fiber maker.
A September jury verdict awarded DuPont $919.9 million over the theft of trade secrets regarding Kevlar, an anti-ballistic fiber. Kolon plans to appeal the decision, the South Korean company said in a regulatory filing yesterday.
To contact the reporters on this story: Rose Kim in Seoul at firstname.lastname@example.org
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