South Korean Stocks: Hyundai Department Store, LG, Samsung SDI
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the 3:00 p.m. close of trading in Seoul. The Kospi index slipped 0.2 percent to 1,826.39, falling for a fourth day.
Retailers: Hyundai Department Store Co. (069960) (069960 KS) dropped 2.5 percent to 134,500 won, while Shinsegae Co. (004170) (004170 KS) lost 1.7 percent to 207,500 won. Investors may have to lower their expectations of second-quarter earnings at retailers amid sluggish demand, Lee Ji Young, an analyst at LIG Investment & Securities Co., said in a report today.
LG Electronics Inc. (066570) (066570 KS) slid 1.2 percent to 60,100 won. SK Securities Co. reduced its share-price estimate for the stock to 85,000 won from 120,000 won, citing a possible loss in its mobile-phone business.
Samsung SDI Co. (006400) (006400 KS) added 1.1 percent to 141,500 won. The profit margin of the company’s rechargeable battery business will improve as key raw material costs have fallen and demand is set to improve in the second half, Kiwoom Securities Co. said in a report today.
SK Innovation Co. (096770) (096770 KS) rose 1.1 percent to 142,000 won. The company will provide batteries for Kia Motors Corp.’s mid-sized electric cars scheduled for release in 2014, according to an e-mailed statement.
To contact the editor responsible for this story: Darren Boey at email@example.com