Bloomberg News

South Korea Stocks: Hyundai, Seoul Broadcasting, SK, STX Pan

September 06, 2011

Sept. 7 (Bloomberg) -- Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 9:53 a.m. in Seoul. The Kospi Index rose 2.3 percent to 1,806.69, halting a three-day retreat.

Refiners: SK Innovation Co. (096770 KS) climbed 3.1 percent to 150,000 won. GS Holdings Corp. (078930 KS) added 2.9 percent to 63,600 won. Oil advanced from the lowest level in more than a week in New York amid signs of shrinking crude stockpiles in the U.S. and speculation a storm building in the Gulf of Mexico posed a threat to supply in the world’s biggest consumer of the commodity.

Hyundai Motor Co. (005380 KS), South Korea’s biggest automaker, rallied 2.6 percent to 197,000 won, rising for a second day. The company aims to increase its European market share to 3 percent this year from the 2.8 percent it had in the first half by selling more than 400,000 vehicles, Chang Kyun Han, the president of the automaker’s European operations said.

Seoul Broadcasting System (034120 KS) jumped 6.9 percent to 35,800 won, after Kiwoom Securities Co. said the company’s third-quarter earnings will beat consensus estimates, in a report today.

STX Pan Ocean Co. (028670 KS), South Korea’s biggest bulk carrier, climbed 3.2 percent to 8,680 won. The Baltic Dry Index, a measure of commodity shipping costs, rose 1 percent to 1,767 points yesterday, according to the Baltic Exchange in London.

--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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