Bloomberg News

South Korea Equity Movers: Hana Financial, LG Electronics, OCI

September 29, 2011

Sept. 29 (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 advanced 2.7 percent to 1,769.29. The gauge has lost 16 percent this month, its biggest drop since the last three months of 2008.

LG Group companies: LG Electronics Inc. (066570 KS), the world’s third-largest mobile-phone maker, jumped 11 percent to 68,800 won. LG Innotek Co. (011070 KS), a light-emitting diode maker, added 9.9 percent to 64,200 won, and LG Display Co. (034220 KS), the world’s second-largest liquid-crystal display maker, climbed 11 percent to 20,150 won. The shares gained on speculation recent declines in their share price were overdone, analysts said.

LG Electronics dropped 25 percent this quarter through yesterday. LG Innotek and LG Display slipped 39 percent for the same period, while the benchmark Kospi Index sank 18 percent.

Hana Financial Group Inc. (086790 KS) rallied 6.7 percent to 34,900 won on speculation its acquisition of Korea Exchange Bank (004940 KS) will be completed soon.

South Korea’s financial regulator plans to order Lone Star to sell its Korea Exchange Bank stake “without any strings attached” once the nation’s court delivers its verdict in the stock-manipulation retrial of the U.S. fund’s former local chief, DongA Ilbo reported today. Nothing has been decided, Financial Services Commission said in an e-mailed statement, in response to the report. Prolonged legal proceedings have been preventing regulators from approving Hana’s KEB stake purchase.

OCI Co. (010060 KS), South Korea’s biggest maker of polysilicon, added 3.9 percent to 202,000 won. The company plans to buy back 400,000 shares in the next three months starting today, according to a regulatory filing. It will cancel the shares as soon as they are purchased.

--Editor: Richard Frost

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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