Bloomberg News

South Korean Stocks: SK C&C, GS Holdings, Romanson, Cheryong

June 02, 2011

June 2 (Bloomberg) -- Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 3 p.m. close in Seoul

The Kospi Index fell 27.14, or 1.3 percent, to close at 2,114.20.

Oil refiners: GS Holdings (078930 KS), the parent of South Korea’s second-largest crude refiner, fell 2.7 percent to close at 91,100 won, while S-Oil Corp. (010950 KS) retreated 0.7 percent to 154,000 won. Gasoline for July delivery lost 2.3 percent on the New York Mercantile Exchange yesterday, and heating oil for July dropped 1.4 percent.

North Korea-related companies: Romanson Co. (026040 KS), a watchmaker with a factory in North Korea, slid 8.1 percent to close at 2,260 won. Cheryong Industrial Co. (033100 KS), a supplier of electrical equipment to North Korea, dropped by the daily limit of 15 percent to 2,640 won. North Korea rejected a South Korean proposal for a bilateral summit.

SK C&C Co. (034730 KS) rose 5 percent to close at a record high of 137,000 won. The South Korean company said today it provided technology for Google Inc.’s Google Wallet service that allows users to make payments on their mobile devices.

--Editor: Darren Boey

To contact the reporter on this story: Jun Yang in Seoul at jyang180@bloomberg.net; Shinhye Kang at skang24@bloomberg.net

To contact the editors responsible for this story: Darren Boey at dboey@bloomberg.net; Young-Sam Cho at ycho2@bloomberg.net


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