Bloomberg News

South Korea Stocks: GS Holdings, Hynix, Shinhan, SK Telecom

July 08, 2011

July 8 (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 0.24 points to 2,180.35. The gauge rose 2.6 percent this week.

Refiners: SK Innovation Co. (096770 KS) added 2.1 percent to 214,500 won. GS Holdings Corp. (078930 KS) climbed 4.8 percent to 90,000 won. S-Oil Corp. (010950 KS) rose 2.3 percent to 153,000 won. Oil in New York rose to a three-week high yesterday as data showed American companies added more workers than forecast in June and after U.S. crude supplies fell.

Korea Aerospace Industries Ltd. (047810 KS), the country’s largest planemaker, rallied 2.8 percent to 26,100 won. The company was selected as a preferred bidder to replace some of South Korea’s aging military helicopters, according to a filing.

Shinhan Financial Group Co. (055550 KS) sank 2.9 percent to 50,500 won, the most since June 9. State-run Korea Deposit Insurance Corp. sold 2.9 million Shinhan shares for 51,000 won each today before the start of trading, according to a statement. That compares with yesterday’s closing price of 52,000 won.

SK Telecom Co. (017670 KS) retreated 3.2 percent to 149,500 won, the lowest close since March 18, 2003. SK Telecom is likely to bid for a stake in Hynix Semiconductor Inc. (000660 KS), Mirae Asset Securities Co. said in an e-mailed note today, citing officials at the mobile-phone operator. Lauren Kim, a SK Telecom spokeswoman, wasn’t immediately able to comment. Hynix rose 0.8 percent to 26,600 won.

--Editor: Darren Boey

To contact the reporter on this story: Saeromi Shin in Seoul at sshin15@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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