South Korean Stocks: LG Display, Samsung, Sempio, Woongjin
The Kospi Index (KOSPI) retreated 0.1 percent to 1,961.98, falling for a fifth day to the lowest level since Feb. 1. It’s the gauge’s longest losing streak since a six-day drop through Aug. 9.
Harim Co. (136480) (136480 KS), which makes poultry products, climbed 3.2 percent to 4,910 won. Silla SG Co. (025870 KS), which makes processed seafood products, jumped 4.4 percent to 5,020 won. The first U.S. case of mad cow disease in six years has been found in a dairy cow in central California.
“Expectations the reported mad cow disease case may boost demand for alternative products such as seafood and chicken are driving the stocks higher,” Park Hae Sung, an analyst at LIG Investment & Securities Co., said by phone today.
Hanil Feed Co. (005860 KS), which has a unit that imports U.S. beef, dropped 8.9 percent to 1,235 won.
LG Display Co. (034220) (034220 KS), the world’s second-largest maker of liquid-crystal displays, gained 1.9 percent to 26,850 won, after saying it may return to profit in the second quarter. The stock also rose after its client Apple Inc. (AAPL) said profit almost doubled.
Samsung Electronics Co. (005930) (005930 KS), which supplies chips and panels for Apple, also added 1.7 percent to 1.3 million won.
Sempio Foods Co. (007540) (007540 KS), which makes Korean traditional sauces, advanced 6.7 percent to 19,250 won, the most since Jan. 11. The company said it plans to buy back 150,000 shares to stabilize its stock price.
Woongjin Energy Co. (103130) (103130 KS) slipped 4.5 percent to 6,640 won, its steepest drop since Feb. 23. Mirae Asset Securities Co. cut its stock rating to hold from buy, citing the first-half earnings outlook.
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org