Bloomberg News

South Korea Stocks: Hana Financial, LG Electronics, Samsung SDI

October 06, 2011

Oct. 6 (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 rose 2.6 percent to 1,710.32, following a two-day, 5.8 percent retreat.

Mobile-phone makers: Samsung Electronics Co. (005930 KS), the world’s second-largest maker of mobile phones, gained 1.5 percent to 855,000 won, the highest level since Aug. 1. LG Electronics Inc. (066570 KS), the world’s third-largest, jumped 6.3 percent to 73,900 won. The shares rose amid speculation they will gain market share after Apple Inc. said its former Chief Executive Officer Steve Jobs died.

“Even without Jobs as the CEO, people thought he would have direct and indirect impact on management, and the company would keep showing its ability to develop new devices,” Choi Do Yeon, an analyst at LIG Investment & Securities Co. in Seoul said. “His death might weaken such ability. I cautiously think it could be a chance for Korean companies to regain some of the leadership they lost to Apple.”

Hana Financial Group Inc. (086790 KS), whose purchase of Korea Exchange Bank from Lone Star Funds has been pending since November on a legal dispute, rallied 6 percent to 35,500 won, before a court ruling today. After markets closed, the Seoul High Court found Lone Star guilty of stock-price manipulation. The court found Korea Exchange Bank not guilty.

Samsung SDI Co. (006400 KS), a South Korean maker of lithium-ion rechargeable batteries, jumped by the daily limit of 15 percent to 120,500 won, the most since Oct. 27, 2008. The company agreed to supply battery components for home-use energy storage equipment to Nichicon Corp. in Japan, according to a statement that didn’t give the value of the deal.

--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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