South Korean Equity Movers: Hanjin Transportation, OCI, Victek
The Kospi Index (KOSPI) fell 1 percent to 1,974.83, headed for its lowest close since Feb. 6. Today is an expiry day for options contracts. South Korean markets were closed for parliamentary elections yesterday, when the MSCI Asia Pacific Index dropped 0.7 percent.
Defense-related companies: Victek Co. (065450) (065450 KS), which makes electronic warfare products, rallied 6.7 percent to 2,960 won. Speco Co. (013810 KS) advanced 5.3 percent to 3,490 won. Huneed Technologies (005870) (005870 KS), which makes military communications equipment, added 5 percent to 4,275 won. North Korea moved ahead with plans to fire a long-range rocket as soon as today in defiance of warnings from the U.S. that doing so would destabilize the region and scuttle a deal for American food assistance.
Hanjin Transportation Co. (002320) (002320 KS), a logistics service provider, lost 2.4 percent to 20,000 won. Korea Investment & Securities Co. cut its stock rating to “hold” from “buy,” saying it may be difficult for the company to raise package delivery fees.
OCI Co. (010060) (010060 KS), South Korea’s biggest maker of polysilicon, slipped 0.5 percent to 209,000 won, heading towards the lowest close since Dec. 20. Polysilicon prices dropped 4.1 percent from a week ago, PV Insights said on its website.
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