South Korean Stock Movers: Huneed, Industrial Bank, Kolon, Speco
The Kospi Index (KOSPI) fell 1.6 percent to 1,997.08, the steepest drop since Dec. 19.
Defense-related stocks: Speco Co. (013810) (013810 KS), a defense equipment manufacturer, surged 15 percent to 3,895 won, while Victek Co. (065450) (065450 KS), an electronic warfare equipment maker, jumped 15 percent to 3,260 won. Huneed Technologies (005870) (005870 KS), a military communication equipment maker, rose 15 percent to 4,600 won. North Korea appears to be in the final stages of preparations for an underground nuclear test to follow a long- range rocket launch scheduled for as early as this week, according to a report compiled by South Korean intelligence officials.
Industrial Bank of Korea (024110) (024110 KS), the biggest South Korean lender to small and medium-sized companies, slipped 2.6 percent to 12,900 won. South Korea’s government plans to offer about a 10 percent stake in Industrial Bank of Korea this year as part a plan to sell state-owned financial companies, the country’s treasurer said.
Kolon Industries Inc. (120110) (120110 KS) fell 4.9 percent to 68,700 won, the most since Dec. 19. A U.S. federal court in Virginia ruled in favor of DuPont Co. in an antitrust dispute between the two companies, according to a regulatory filing on April 6.
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