Bloomberg News

South Korea Stocks: Hana, Korea Exchange Bank, Kangwon Land, STX

November 20, 2011

Nov. 21 (Bloomberg) -- Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as 10:37 a.m. in Seoul.

The Kospi Index slipped 1.5 percent to 1,812.11.

Hana Financial Group Inc. (086790 KS), which agreed to acquire Korea Exchange Bank (004940 KS) from Lone Star Funds, rose 3.7 percent to 36,900 won, set for its highest close since Nov. 14. South Korea removed the last major regulatory hurdle for the planned takeover.

Korea Exchange Bank fell 1.9 percent to 7,750 won.

Kangwon Land Inc. (035250 KS), a casino and hotel operator, fell 2.1 percent to 27,500 won after Shinhan Investment Corp. lowered its stock rating to “trading buy” from “buy.” Kangwon Land reported a 21 percent drop in third-quarter net income that was lower than expected, Sung June Won, an analyst at Shinhan, wrote.

Korea Electric Power Corp. (015760 KS), the country’s biggest electricity producer, rose 4.5 percent to 24,600 won. The state-run utility requested government approval to raise tariffs by more than 10 percent, the Dong-A Ilbo newspaper said.

STX Corp. (011810 KS), the holding company of STX Group, rose 4.6 percent to 13,800 won, headed for its biggest gain since Oct. 28. STX Heavy Industries Co., an affiliate of STX, won a $2 billion order from National Mining Company to build a plant complex in Saudi Arabia.

--Editor: Darren Boey

To contact the reporters on this story: Rose Kim in Seoul at rkim76@bloomberg.net

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


Silicon Valley State of Mind
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus