South Korea Equity Movers: Green Non-Life, Korea Zinc, Taewoong
Shares of the following companies had unusual (KOSPI) moves in South Korea trading. Stock symbols are in parentheses and prices are as of the close in Seoul.
The Kospi Index lost 2.1 percent to 1,819.11, its steepest drop since Nov. 23.
Metal producers: Poongsan Corp. (103140 KS), a copper- products maker, retreated 7.8 percent to 27,000 won, the most since Nov. 10. Korea Zinc Co. (010130) (010130 KS), which produces gold and silver, tumbled 8.8 percent to 306,000 won, its steepest loss in eight weeks. Copper futures for March delivery retreated 4.7 percent in New York yesterday, the biggest loss for a most- active contract since Oct. 20. Gold futures for February delivery fell 4.6 percent to the lowest closing level since July.
Green Non-Life Insurance Co. (000470) (000470 KS), a non-life insurer, sank 5.5 percent to 2,770 won, the lowest level since 2005. BS Financial Group Inc. (138930 KS) said in a regulatory filing it won’t buy the insurer.
Taewoong Co. (044490) (044490 KS), which makes parts for wind power plants, slipped 7.1 percent to 30,900 won, the most since Nov. 10. Siemens Wind Power A/S changed a 2007 order after the global financial crisis delayed or canceled wind power projects. The value of the contract dropped to 135.7 billion won ($117 million) from 219.8 billion won previously, according to a regulatory filing. Hyundai Heavy Industries Co. (009540) (009540 KS) also cut the value of an order made in 2008, according to a separate filing.
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