South Korea Stocks: Daelim, Korea Zinc, LG Electronics, Romanson
The benchmark Kospi index fell 36.74, or 1.7 percent, to 2,069.92, ending the week 1.8 percent lower. It’s the gauge’s first weekly drop since November.
Companies that operate plants in the Gaesong industrial complex in North Korea: Romanson Co. (026040 KS), a watch maker, rose 4.3 percent to 2,285 won. Shinwon Corp. (009270 KS), an apparel maker, climbed 2.4 percent to 1,480 won. Good People Co. (033340 KS), an underwear maker, rose 5.6 percent to 1,780 won. South Korea said it will accept North Korea’s proposal to hold military talks, their first contact since Kim Jong Il’s regime shelled a South Korean island in November, killing four people.
Daelim Industrial Co. (000210 KS), a builder and petrochemical company, slid 2.4 percent to 124,500 won, after saying operating income dropped 24 percent last year. The company had its stock rating cut at BNP Paribas and JPMorgan Chase & Co.
Korea Zinc Co. (010130 KS), the world’s biggest producer of refined zinc, lost 3 percent to 306,000 won, after prices for zinc, gold and silver declined.
LG Electronics Inc. (066570 KS), South Korea’s second- largest electronics maker, added 1.2 percent to 122,000 won. The company was raised to “neutral” from “sell” at UBS AG, which cited the improving quality of new products in mobile, television and appliances.
Mando Corp. (060980 KS), a South Korean autoparts maker, gained 1.4 percent to 149,000 won. The company was rated “buy” in new coverage at Citigroup Inc., which cited “greater visibility and growth prospects from a well-diversified client base” as well as margin expansion from an improvement in its product mix.
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