Bloomberg News

South Korea Stocks: Korea Zinc, Hanjin, Samsung, Woongjin

September 26, 2011

Sept. 26 (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 dropped for a third day, losing 2.6 percent to 1,652.71, the lowest level since June 10, 2010.

Metals-related companies: Korea Zinc Co. (010130 KS), which produces gold and silver, dropped 15 percent to 290,000 won. Poongsan Corp. (103140 KS), a copper-products maker, lost 10 percent to 25,400 won. Spot gold slumped for a fourth day, declining as much as 7.5 percent to $1,532.72 an ounce, the biggest loss since October 2008. Copper for delivery in three months on the London Metal Exchange lost 7.6 percent to $6,800 a metric ton.

Hanjin Shipping Co. (117930 KS) tumbled by the daily limit of 15 percent to 11,650 won. South Korea’s largest shipping line plans to raise about 632 billion won ($529.8 million) selling new shares and a stake in an energy venture to help reduce its debt-to-equity ratio after posting a first-half loss.

Hankook Tire Co. (000240 KS), South Korea’s biggest tiremaker, climbed 2 percent to 35,500 won. Woori Investment & Securities Co. raised today its rating on the stock to “buy,” saying lower raw-material costs may boost margins in 2012.

Samsung Electronics Co. (005930 KS) climbed 2.2 percent to 775,000 won. The world’s second-largest maker of mobile phones said it can still meet its target for tablet-computer sales this year even as Apple Inc. seeks to block them in some markets. The company is on track to raise sales of tablet computers by more than five times this year from 2010 as it planned, said J.K. Shin, head of Samsung’s mobile-phone division.

Woongjin Energy Co. (103130 KS) plunged 15 percent to 5,690 won. A client canceled a 121.6 billion-won order for the supply of silicon wafers used to make solar cells, according to a stock-exchange filing.

--Editor: Matthew Oakley

To contact the reporters on this story: Saeromi Shin in Seoul at sshin15@bloomberg.net Jun Yang in Seoul at jyang180@bloomberg.net

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


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