South Korea Stocks: Kookmin Bank, LG Display, Namhae Chemical

By Kyung Bok Cho

July 8 (Bloomberg) -- South Korea's Kospi index declined 17.15, or 1.1 percent, to 1,562.57 as of 9:43 a.m. in Seoul.

The following are among the most-active stocks in South Korean markets.

Kookmin Bank (060000 KS), South Korea's biggest, lost 2,800 won, or 4.7 percent, to 57,400. JPMorgan Chase & Co. cut its recommendation to ``neutral'' from ``overweight'' in a report. Gains will be limited in an ``unfavorable'' macro environment and as Kookmin takes steps to change into a holding company, the brokerage said.

LG Display Co. (034220 KS), the world's second-largest maker of liquid-crystal displays, slipped 550 won, or 1.4 percent, to 36,950. Lehman Brothers Holdings Inc. cut its price estimate by 17 percent to 37,200 won, in a report. Third-quarter operating profit, or sales minus the cost of goods sold and administrative expenses, will fall 31 percent from the previous three months, and will decrease a further 53 percent in the fourth quarter, the brokerage said.

Namhae Chemical Corp. (025860 KS), a fertilizer maker, gained 1,550 won, or 7.8 percent, to 21,550. Second-quarter operating profit will be 95.2 billion won ($92 million), compared with a previous estimate of 76.5 billion won, Dongbu Securities Co. said in a report. The company has raised prices more than raw-material prices have gained, the brokerage said.

To contact the reporter for this story: Kyung Bok Cho in Seoul at kcho7@bloomberg.net