Bloomberg News

South Korea Equity Movers: KT&G, LG Display, Meritz Fire, OCI

September 21, 2011

Sept. 21 (Bloomberg) -- Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close in Seoul. The Kospi Index rose 0.9 percent to 1,854.28, the highest level since Sept. 2.

KT&G Corp. (033780 KS), South Korea’s biggest tobacco product maker, gained 2.3 percent to 75,200 won, the highest level since April 2009. Bank of America’s Merrill Lynch said a decline in the won will increase earnings from exports. The won fell yesterday to the lowest level this year.

LG Display Co. (034220 KS), the world’s second-largest liquid-crystal display maker, lost 1.2 percent to 21,300 won. Nomura Holdings Inc. cut its rating on the stock to “neutral,” saying a weakness in panel prices is likely to continue for the rest of this year.

OCI Co. (010060 KS), South Korea’s biggest polysilicon maker, gained 1.1 percent to 285,500 won, the highest level since Sept. 2. The company is considering various ways to stabilize its stock price, including buying back shares, according to a filing.

Meritz Fire & Marine Insurance Co. (000060 KS), a non-life insurer, advanced 3.6 percent to 11,400 won, the highest closing level since Aug. 4. Shinyoung Securities Co. rated the shares “buy” in new coverage, citing in a report today the company’s earnings growth outlook.

--Editor: Matthew Oakley

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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