By Saeromi Shin
Dec. 3 (Bloomberg) -- The following companies may have unusual price changes in South Korea. Stock symbols are in parentheses, and share prices are from the previous close. This preview includes news announced after markets shut.
The Kospi index fell 35.42, or 3.4 percent, to 1,023.20.
Hyundai Motor Co. (005380 KS): The company’s November U.S. vehicle sales fell 40 percent from a year earlier to 19,221. South Korea’s biggest carmaker, lost 2,350 won, or 5.7 percent, to 38,650.
Industrial Bank of Korea (024110 KS): Macquarie Group Ltd. cut its recommendation to “neutral,” from “outperform,” in a note, saying the bank is the one “most” at risk of shareholder value dilution because of its loan composition and possible government influence. Industrial Bank, which provider loans to small and medium-sized companies, rose 140 won, or 2 percent, to 7,150.
LG Display Co. (034220 KS): JPMorgan Chase & Co. cut its share-price estimate by 23 percent to 24,000 won, saying the company is expected to miss its guidance for the fourth quarter because of weaker shipments and a higher price decline. The provision of $400 million related to the antitrust issue should lead to a net loss for the quarter, the brokerage said, advising investors to look for a good entry point in the first half of 2009 following meaningful industry production cuts. LG Display, the world’s second-largest maker of liquid-crystal display panels, fell 850 won, or 3.9 percent, to 20,850.
LG Chem Ltd. (051910 KS): Goldman, Sachs & Co. said the company’s decision to separate its housing and auto-parts business could be “positive” in the long run as it should facilitate improved execution of long-term strategy for each entity and eliminate conglomerate discounts. LG Chem, South Korea’s biggest chemical manufacturer, fell 4,000 won, or 6 percent, to 63,000.
To contact the reporter on this story: Saeromi Shin in Seoul at sshin15@bloomberg.net.
Posts
No comments:
Post a Comment