Bloomberg News

South Korea Stocks: Hyundai Mipo, KT, Woongjin Holdings

February 07, 2012

Feb. 7 (Bloomberg) -- Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close in Seoul.

The Kospi index rose 0.4 percent to 1,981.59.

Hyundai Mipo Dockyard Co. (010620 KS), a unit of the world’s biggest shipbuilder, dropped 2.7 percent to 125,500 won, after saying its fourth-quarter operating profit slumped 61 percent. Samsung Securities Co., LIG Investment & Securities Co. and Credit Suisse Group AG cut their stock ratings on Mipo.

KT Corp. (030200 KS), South Korea’s largest phone and Internet company, slipped 1.8 percent to 32,900 won. Shinhan Investment Corp. reduced its share-price estimate to 45,000 won from 50,000 won, citing a lower profit forecast for 2012. Hana Daetoo Securities Co. also cut its target price on KT.

Woongjin Holdings Co. (016880 KS) rallied 15 percent to 7,250 won, its highest close since Oct. 27. Woongjin Holdings is considering selling its stake in Woongjin Coway Co. (021240 KS), according to a regulatory filing. Woongjin Coway, a South Korean maker of water purifiers, fell 4.8 percent to 38,000 won.

--Editor: Ravil Shirodkar

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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