Bloomberg News

South Korea Stocks: Korea Zinc, Poongsan, Posco, Taewoong

December 15, 2011

Dec. 15 (Bloomberg) -- Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 9:29 a.m. in Seoul.

The Kospi Index lost 1 percent to 1,839.82, heading for the lowest close since Nov. 28.

Metal producers: Poongsan Corp. (103140 KS), a copper- products maker, retreated 4.1 percent to 28,100 won, heading for the lowest close since Nov. 30. Korea Zinc Co. (010130 KS), which produces gold and silver, tumbled 6.1 percent to 315,000 won, its steepest loss since Oct. 20. Copper futures for March delivery retreated 4.7 percent in New York yesterday, the biggest loss for a most-active contract since Oct. 20. Gold futures for February delivery fell 4.6 percent to the lowest closing level since July.

Taewoong Co. (044490 KS), which makes parts for wind power plants, slipped 3.5 percent to 32,100 won. Siemens Wind Power A/S changed a 2007 order after the global financial crisis either delayed or canceled wind power projects. The value of the contract dropped to 135.7 billion won ($117 million) from 219.8 billion won previously, according to a regulatory filing. Hyundai Heavy Industries Co. (009540 KS) also cut the value of an order made in 2008, according to a separate filing.

Posco (005490 KS), South Korea’s largest steelmaker, sank 1.3 percent to 385,000 won, on course for the lowest level since Nov. 30. Steel prices may remain weak through the first half of next year, Kim Kwang Moo, leader of the steelmaker’s marketing strategy group, said.

--Editor: Richard Frost

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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