Bloomberg News

South Korea Stocks: Korea Life Insurance, Posco, SK Telecom

November 01, 2011

Nov. 1 (Bloomberg) -- Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 9:28 a.m. in Seoul. The Kospi Index rose 0.3 percent to 1,914.82.

Korea Life Insurance Co. (088350 KS), a life insurer, rallied 7.2 percent to 6,720 won, heading for the highest close since Aug. 5. The company will buy back 26 million of its own shares, according to a regulatory filing.

Posco (005490 KS), South Korea’s largest steelmaker, slipped 1.5 percent to 383,000 won, falling for a second day. Standard & Poor’s lowered Posco’s long-term corporate credit and debt ratings to “A-” from “A” after the company’s third- quarter results fell short of expectations.

SK Telecom Co. (017670 KS), South Korea’s largest mobile- phone operator, added 2 percent to 151,000 won. SK Holdings Co. will buy 270 billion won ($244 million) worth of SK Telecom shares, according to a regulatory filing.

--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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