South Korean Stocks: KT, Samsung Electronics, SK Innovation
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 retreated 0.4 percent to 1,817.81, falling for a fourth day to the lowest level since June 5. The measure has slumped 9.7 percent this quarter, poised for the steepest drop since the quarter ended September.
KT Corp. (030200) (030200 KS), South Korea’s largest phone and Internet company, rallied 3 percent to 28,950 won, its steepest gain since May 7. The stock gained after MoneyToday reported the company is reviewing various ways to set up a holding company, including a spinoff of its network business. KT hasn’t considered a plan to set up a holding company, Kim Yoon Jeong, a company spokeswoman, said by phone today.
Samsung Electronics Co. (005930) (005930 KS), Asia’s biggest maker of chips and flat screens, added 0.6 percent to 1.139 million won, after slumping 4.2 percent yesterday. Much of the recent pessimism over the company’s second-quarter earnings looks “overdone,” Credit Suisse Group AG said in a report.
SK Innovation Co. (096770) (096770 KS), South Korea’s biggest refiner, dropped 3.6 percent to 134,000 won, the most since June 4. South Korea, which imports all of its crude, may halt purchases from Iran after it failed to win an exemption from European Union sanctions that mean tankers shipping the oil can’t get insurance. SK Innovation said it is committed to finding alternative suppliers, a company spokesman said by phone today, without giving details.
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