Bloomberg News

South Korean Equity Movers: Celltrion, Halla, Korea Zinc, SK C&C

May 11, 2012

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 (KOSPI) fell 1.4 percent to 1,917.13, the lowest level since Jan. 19. The gauge sank 3.6 percent this week, its steepest drop since September.

Metal producers: Korea Zinc Co. (010130 KS), which produces gold and silver, lost 4.7 percent to 338,500 won. Poongsan Corp. (103140) , a copper-products maker, slipped 4.8 percent to 25,850 won. Gold for immediate delivery fell as much as 0.7 percent to $1,582.41 an ounce. Silver dropped as much 1 percent $28.7725 an ounce.

Celltrion Inc. (068270) , a biopharmaceutical company, rallied by the daily limit of 15 percent to 43,500 won. The company plans to issue 57.8 million bonus shares to shareholders, according to a regulatory filing.

The company, which also announced a share buyback plan this week, may be trying to boost shareholder value, Shinyoung Securities Co. said in a report today. Earnings will start to improve in the second half, the brokerage said.

Halla Engineering & Construction Corp. (014790) retreated 3.4 percent to 11,300 won, the lowest close since Oct. 5. The builder’s first-quarter operating profit dropped 27 percent to 13.4 billion won ($12 million), according to a regulatory filing.

SK C&C Co. (034730) advanced 2.7 percent to 95,000 won. The company’s earnings momentum will strengthen in the second half, Woori Investment & Securities Co. said in a report today.

To contact the reporter on this story: Saeromi Shin in Seoul at sshin15@bloomberg.net

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


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