SEOUL: The Kospi index retreated 0.5% to 1,984.53, falling for a second day at 10:11 a.m. in Seoul. The gauge has risen 0.5% this week.
CJ CheilJedang Corp. (097950 KS), a South Korean food processor, advanced 3% to 364,500 won. Korea Investment & Securities Co. raised its share-price estimate to 430,000 won from 385,000 won.
Himart Co. (071840 KS), a South Korean home appliance retailer, gained 2.15 to 58,300 won. The company’s shareholders plan to resume their stake sale and will receive initial bids by May 14, according to a regulatory filing.
Korean Air Lines Co. (003490 KS), the nation’s biggest carrier, rose 3.8% to 47,450 won. Second-quarter operating profit will turn around on improved demand and lower fuel costs, Shinhan Investment Corp. said in a report today. JPMorgan Chase & Co. raised its stock rating to overweight from neutral.
Samsung Electronics Co. (005930 KS), the world’s largest mobile-phone maker last quarter, dropped 1.9% to 1.37 million won. The company unveiled a new handset in the Galaxy S series, intensifying a battle with Apple Inc. for leadership in the smartphone market.
“Investors are selling the stock on the announcement after expectations of the model drove up shares over the past month,” Kim Hyung Sik, an analyst at Taurus Investment & Securities Co., said. The stock climbed 9 percent in April, compared with a 1.6% decline in the Kospi index.
Woori Finance Holdings Co. (053000 KS) climbed 2.1% to 12,400 won. The company said first-quarter profit rose 33%, helped by the sale of its stake in SK Hynix Semiconductor Inc. and a decline in bad-loan provisions.(Bloomberg/T03/aph)