Bloomberg News

South Korea Equity Movers: Kia Motors, Poongsan, Samsung Heavy

November 02, 2011

Nov. 2 (Bloomberg) -- Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the close in Seoul. The Kospi Index fell 0.6 percent to 1,898.01, after losing as much as 2.6 percent earlier.

Kia Motors Corp. (000270 KS), an affiliate of Hyundai Motor Co., rallied 1.9 percent to 76,100 won, the highest level since Aug. 2. The company signed an agreement to build a third plant in China to keep up with rising demand. The plant will open in late 2014 and produce 300,000 vehicles a year, according to an e-mailed statement.

Poongsan Corp. (103140 KS), a copper-products maker, tumbled 6.3 percent to 31,500 won, the lowest level since Oct. 21. Copper for December delivery declined 3.6 percent yesterday on the Comex in New York, the biggest loss for a most-active contract since Oct. 20. Separately, the company reported a net loss of 5.5 billion won ($4.9 million) for the third quarter, according to a regulatory filing.

Samsung Heavy Industries Co. (010140 KS), a shipbuilder, retreated 3.4 percent to 32,600 won, falling for a second day. The company posted net income of 132 billion won in the third quarter, 53 percent lower than a year earlier, as it cut ship prices during the global recession.

--Editor: Nick Gentle

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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