Bloomberg News

South Korea Stocks: Industrial Bank, Kumho Tire, Poongsan, S.M.

January 04, 2012

Jan. 4 (Bloomberg) -- Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 10:06 a.m. in Seoul.

The Kospi Index rose 0.97 point, or less than 0.1 percent, to 1,876.38.

Metal companies: Poongsan Corp. (103140 KS), a copper- products maker, added 3.9 percent to 27,850 won, set for its steepest increase since Dec. 12. Korea Zinc Co. (010130 KS), South Korea’s biggest zinc smelter, rose 2.1 percent to 323,500 won. Copper futures for March delivery climbed 2.7 percent on the Comex in New York yesterday. Zinc also advanced.

Industrial Bank of Korea (024110 KS), South Korea’s largest lender to small- and medium-sized companies, retreated 3.7 percent to 11,750 won, heading for the lowest close since July 2009. HMC Investment Securities Co. cut its stock rating to “hold” from “buy.” Lower lending rates and free consulting services for small-and medium-sized companies may reduce net income by 400 billion won ($349 million) in 2012 from the previous year, the company said in a Jan. 3 regulatory filing.

Kumho Tire Co. (073240 KS), a tiremaker, slipped 1.5 percent to 10,050 won, set for the lowest close since Nov. 28. The company is in talks with creditors to come up with various measures to improve its finances, including a new share sale, according to a regulatory filing.

S.M. Entertainment Co. (041510 KS), which manages South Korean bands Girls Generation and Super Junior, rallied 3.4 percent to 49,100 won, heading for the highest close since Dec. 12. Daewoo Securities Co. raised its share-price estimate to 70,000 won from 57,000 won, citing higher earnings estimates.

--Editor: Chan Tien Hin

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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