Bloomberg News

South Korean Stock Movers: Hyundai Motor, Posco

April 03, 2012

(Corrects by removing erroneous information from Iraqi electricity ministry about South Korean company.)

Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 9:35 a.m. local time in Seoul.

The Kospi index retreated 0.3 percent to 2,042.27.

Automakers: Hyundai Motor Co. (005380) (005380 KS), South Korea’s biggest automaker, gained 1.4 percent to a record 258,500 won. Affiliate Kia Motors Corp. (000270) (000270 KS) advanced 1.4 percent to 79,400 won, poised for the highest close since Aug. 1. The companies’ combined U.S. vehicle sales rose 20 percent in March compared with a year earlier, beating the average of five analysts’ estimates for an 18 percent gain.

Posco (005490 KS), South Korea’s biggest steelmaker, lost 0.8 percent to 377,500 won. Posco sold SK Telecom Co. (017670) (017670 KS) shares for 320.8 billion won ($285 million) and 3.9 million shares of KB Financial Group Inc. (105560) (105560 KS) for 163.4 billion won, Chung Jae Woong, a spokesman for Posco (005490), said by phone. SK Telecom fell 2.8 percent to 138,500 won. KB Financial advanced 1.3 percent to 42,850 won.

To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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