Already a Bloomberg.com user?
Sign in with the same account.
Nov. 23 (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 slipped 2.4 percent to 1,783.10 won, its lowest close since Oct. 10.
Auto-parts makers: Mando Corp. (060980 KS), an auto-parts maker, rose 2.6 percent to 198,000 won, its highest close since Nov. 9. Mando led gains among South Korea’s auto-parts manufacturers amid speculation that the passing of a free-trade agreement with the U.S. will boost their earnings next year.
Nexen Tire Corp. (002350 KS), a tire-maker, rose 0.8 percent to 20,050 won, the first increase in four days. Halla Climate Control Corp. (018880 KS), an automotive air-control equipment maker, rose 0.7 percent to 21,850 won, gaining the most in a week.
Hite Jinro Co. (000080 KS), the country’s largest maker of the distilled liquor known as soju, fell 4.7 percent to 28,500 won, its largest loss since Oct. 5, on speculation that the free-trade accord with the U.S. may reduce demand for South Korean liquor.
“There are unwarranted concerns,” said Kang Hyun Hee, an analyst at Tong Yang Securities Inc. “The impact on the company will be limited as it will take seven years for the tariff on liquor to be dismissed,” she said by phone.
Hyundai Steel Co. (004020 KS), South Korea’s second-biggest steelmaker, sank 5.9 percent to 92,800 won, the steepest loss since Oct. 4. The outlook for the company’s “Baa3” issuer and senior unsecured bond ratings was cut to “negative” from “stable” at Moody’s Investors Service.
Korean Air Lines Co. (003490 KS), the nation’s biggest freight carrier, rose 1 percent to 42,500 won, the first gain in seven days, on speculation the free trade accord between the U.S. and South Korea will boost cargo levels.
YG Entertainment Co. (122870 KS), which manages the Korean boy band Big Bang, climbed to 78,200 won on its trading debut, more than double the initial public offering price of 34,000 won.
--Editor: Shiyin Chen
To contact the reporters on this story: Rose Kim in Seoul at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com