South Korea Equity Movers: NCsoft, OCI, Taihan Electric
The Kospi Index fell 0.1 percent to 1,863.74, its second day of losses. The gauge dropped 0.5 percent yesterday.
NCsoft Corp. (036570) (036570 KS), a South Korean maker of online games, slipped 6 percent to 276,500 won, the lowest close since June 24. Nomura Holdings Inc. cut its share-price estimate to 380,000 won, citing in a report dated today “ significant” downward revisions to 2012 earnings forecasts.
OCI Co. (010060) (010060 KS), South Korea’s biggest maker of polysilicon, rallied 3.4 percent to 226,500 won, the highest level since Dec. 13. High-grade polysilicon, the main raw material for solar panels, rose 4.5 percent from a week ago to $30.50 a kilo, PV Insights said in a report on its website yesterday. Polysilicon prices are likely to halt declines after an industry restructuring, Park Ki Yong, analyst with Korea Investment & Securities, said by phone today.
Taihan Electric Wire Co. (001440) (001440 KS), a cable maker, slipped 6.8 percent to 3,010 won, its steepest drop since Dec. 19. The company is in talks with Hana Daetoo Securities Co. about a possible new share sale to help boost liquidity, according to a regulatory filing.
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