South Korean Stocks: Amorepacific, Green Cross, OCI, Woongjin
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 (KOSPI) added 0.06 point to 1,891.77. The gauge rose 1.8 percent yesterday.
Solar-related stocks: OCI Co. (010060) (010060 KS), South Korea’s biggest maker of polysilicon, rallied 3.6 percent to 216,000 won. Woongjin Energy Co. (103130 KS), which makes solar power modules, gained 1.9 percent to 5,340 won. Japan set incentives for renewable energy, endorsing the rates proposed by a government panel in April. Japan Industry Minister Yukio Edano approved the subsidized tariff of 42 yen (53 U.S. cents) a kilowatt-hour for 20 years for solar energy.
Amorepacific Corp. (090430) (090430 KS), a South Korean cosmetics maker, lost 1 percent to 1.07 million won. Deutsche Bank AG cut its stock rating to hold from buy.
Green Cross Corp. (006280) (006280 KS) advanced 2.5 percent to 146,000 won, the highest level since Jan. 26. Shinhan Investment Corp. raised its share-price estimate to 165,000 won from 162,000 won, citing higher earnings forecasts.
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org