South Korea Stocks: Ace, Shinsegae, SK Innovation, Techwin
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close in Seoul.
The Kospi Index (KOSPI) fell 12.28, or 0.6 percent, to 2,019.65, sliding for a third day to the lowest close since March 23.
Oil-related shares: SK Innovation Co. (096770 KS) fell 5.2 percent to 209,000 won. GS Holdings (078930) Corp. (078930 KS) lost 4.6 percent to 81,900 won. Oil slid for a second day in New York, trading at the lowest level in four months.
Airlines advanced on speculation fuel costs may fall. Korean Air Lines Co. (003490 KS) rose 2.2 percent to 68,600 won. Asiana Airlines (020560) Inc. (020560 KS) added 0.8 percent to 9,650 won, halting a two-day drop. Separately, Asiana will buy three Korea Express Co. units, according to a filing.
Ace Technologies Corp. (088800) (088800 KS) sank 5.8 percent to 4,390 won, the lowest close since July 14. The company plans to sell 2.96 million new preferred shares to raise 12.5 billion won ($11.5 million), according to a filing. The communication equipment parts maker will also sell 12.5 billion won of bonds with warrants, a separate filing showed.
Samsung Techwin Co. (012450 KS) added 4.8 percent to 91,200 won, the highest close since Feb. 7. Dongbu Securities Co. raised its estimate for operating profit this year by 23 percent, citing gains from the planned sale of Korea Aerospace Industries Ltd. shares it owns.
Shinsegae Co. (004170 KS), a South Korean retailer, lost 5.6 percent to 323,000 won. HI Investment & Securities Co. reduced its stock rating to “hold” from “buy,” saying department store sales growth may slow in the second half. The stock’s rating was also cut at Daewoo Securities.
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