South Korean Equity Movers: Celltrion, Halla, Korea Zinc, SK C&C
The Kospi Index (KOSPI) fell 1.4 percent to 1,917.13, the lowest level since Jan. 19. The gauge sank 3.6 percent this week, its steepest drop since September.
Metal producers: Korea Zinc Co. (010130 KS), which produces gold and silver, lost 4.7 percent to 338,500 won. Poongsan Corp. (103140) , a copper-products maker, slipped 4.8 percent to 25,850 won. Gold for immediate delivery fell as much as 0.7 percent to $1,582.41 an ounce. Silver dropped as much 1 percent $28.7725 an ounce.
Celltrion Inc. (068270) , a biopharmaceutical company, rallied by the daily limit of 15 percent to 43,500 won. The company plans to issue 57.8 million bonus shares to shareholders, according to a regulatory filing.
The company, which also announced a share buyback plan this week, may be trying to boost shareholder value, Shinyoung Securities Co. said in a report today. Earnings will start to improve in the second half, the brokerage said.
Halla Engineering & Construction Corp. (014790) retreated 3.4 percent to 11,300 won, the lowest close since Oct. 5. The builder’s first-quarter operating profit dropped 27 percent to 13.4 billion won ($12 million), according to a regulatory filing.
SK C&C Co. (034730) advanced 2.7 percent to 95,000 won. The company’s earnings momentum will strengthen in the second half, Woori Investment & Securities Co. said in a report today.
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