South Korean Stocks: Daum, Hanjin, Korea Investment, LG Innotek
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the close in Seoul. The Kospi index fell 0.7 percent to 1,854.74.
Refiners: GS Holdings (078930) Corp. (078930 KS) slipped 1.1 percent to 54,600 won. S-Oil Corp. (010950) (010950 KS) lost 1.5 percent to 93,200 won. Gasoline for July delivery yesterday fell 2.86 cents to $2.6566 a gallon on the New York Mercantile Exchange, the lowest settlement since Dec. 28.
Daum Communications Corp. (035720) (035720 KS), a South Korean Internet portal site operator, rallied 5 percent to 99,500 won. The stock gained after the Seoul Economic Daily reported speculation that NCsoft Corp. (036570)’s Kim Taek-Jin may buy a stake in Daum. NCsoft and Daum denied the speculation in e-mailed responses.
Hanjin Heavy Industries & Construction Co. (097230) (097230 KS) added 1.3 percent to 15,350 won. The company won an order to build 10 container ships for $450 million, according to an e- mailed statement.
Korea Investment Holdings Co. (071050) (071050 KS) retreated 3.7 percent to 37,000 won. Woori Investment & Securities Co. cut its share-price estimate to 48,000 won from 57,000 won, citing weaker-than-expected earnings.
LG Innotek Co. (011070) (011070 KS), which makes light-emitting diode products, advanced 5.1 percent to 86,200 won, the highest level since April 19. The company’s second-quarter operating profit may increase 49 percent from the previous quarter. Third- quarter profit may rise 91 percent, the brokerage said.
To contact the reporter on this story: Saeromi Shin in Seoul at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com