Bloomberg News

South Korea Stocks: Korean Air Lines, Samsung, STX Pan Ocean

January 09, 2012

Jan. 9 (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 retreated 0.9 percent to 1,826.49, falling for a fourth day.

Airlines: Korean Air Lines Co. (003490 KS), South Korea’s largest carrier, sank 1.3 percent to 42,600 won, the lowest level since Dec. 28. Incheon International Airport Corp. said December cargo traffic dropped 6.2 percent. Smaller rival Asiana Airlines Inc. (020560 KS) fell 0.5 percent to 6,320 won.

Bulk carriers: STX Pan Ocean Co. (028670 KS), South Korea’s biggest bulk carrier, lost 1 percent to 6,000 won. Korea Line Corp. (005880 KS) sank 2.9 percent to 28,500 won. The Baltic Dry Index, a measure of commodity shipping costs, fell 5.5 percent on Jan. 6 to the lowest level since Aug. 16, according to the Baltic Exchange in London.

Samsung Electronics Co. (005930 KS), Asia’s biggest maker of chips, flat screens and mobile phones, lost 2.3 percent to 1.02 million won. the lowest level since Dec. 20. Expectations for improved earnings were already factored in the share price and uncertainties on the global economy and weak technology industry momentum may limit gains, Tong Yang Securities said in a report today. The company on Jan. 6 reported a record quarterly profit.

--Editor: Darren Boey

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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