South Korean Stocks: Jinhueung, Samsung, KT Corp., Kumho Tire
The Kospi index retreated 1.6 percent to 1,957.45, falling for a third day.
Savings banks: Jinhueung Savings Bank (007200) (007200 KS) and Seoul Mutual Savings Bank (016560) (016560 KS) jumped by the daily limit of 15 percent after the two lenders avoided suspension by South Korea’s Financial Services Commission. Jinheung rose to 2,170 won and Seoul Mutual climbed to 1,475 won. The regulator said yesterday it ordered four mutual savings banks, Solomon Savings Bank, Korea Savings Bank, Mirae Mutual Savings Bank and Hanju Savings Bank, to halt operations for six months because they failed to meet the regulator’s financial strength criteria.
Samsung Electronics Co. (005930) (005930 KS), the world’s largest mobile-phone maker last quarter, dropped 1.6 percent to 1.338 million won. Apple Inc. won sanctions against Samsung Electronics for its failure to produce source code in a patent- infringement case in federal court in San Jose, California.
KT Corp. (030200) (030200 KS), South Korea’s largest phone and Internet company, gained 1 percent to 29,100 won. The company’s first-quarter operating profit fell 20 percent from a year earlier to 574.7 billion won, it said in a regulatory filing today.
Hyundai Merchant Marine Co. (011200) (011200 KS) fell 2.6 percent to 27,900 won. The company had a 200.8 billion won ($177 million) first-quarter operating loss on parent basis, according to today’s regulatory filing.
Industrial Bank of Korea (024110 KS) retreated 1.5 percent to 12,800 won. First-quarter profit fell 8 percent from a year earlier to 471.1 billion won.
Kumho Tire Co. (073240) (073240 KS) dropped 1.4 percent to 14,050 won. The company plans to raise 173 billion won from the sale of 12.6 million new shares, the tire maker said in a regulatory filing on May 4.
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