South Korean Stock Movers: Korea Electric, LG Display, Shinhan
The Kospi index fell 0.2 percent to 1,995.11, halting a four-day, 1.9 percent advance.
Korea Electric Power Corp. (015760) (015760 KS), which supplies almost all the power in the country, rallied 1.6 percent to 22,850 won, the highest level since March 27. The company has requested the government allow an average 13.1 percent power price increase, Dong-A Ilbo newspaper reported, citing unidentified government and company officials.
Korea Zinc Co. (010130) (010130 KS), the world’s third-biggest producer of refined zinc, slipped 1.6 percent to 374,000 won. The company posted a worse-than-expected 8.3 percent drop in first-quarter profit after metal prices declined amid a global economic slowdown.
LG Display Co. (034220) (034220 KS), the world’s second-largest maker of liquid-crystal displays, retreated 6.6 percent to 23,500 won, the steepest loss since Sept. 23, after local media reported prosecutors searched its headquarters in relation to a competitor’s display technologies.
Claire Ohm, an LG Display spokeswoman, declined to comment, and an e-mail to the prosecutors’ office wasn’t immediately answered.
Shinhan Financial Group Co. (055550) (055550 KS) added 3.5 percent to 41,000 won, the most since March 13. Net income dropped to 826.3 billion won ($733 million) in the three months ended March 31 from 924.3 billion won a year earlier, according to a statement. That compares with the 766.1 billion won average of 20 analyst estimates compiled by Bloomberg.
Ssangyong Motor Co. (003620) (003620 KS) retreated 3.2 percent to 6,100 won. The automaker plans to sell 644,550 new shares to employees, according to a regulatory filing.
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