Hyundai Heavy leads Kospi shares lower

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Hyundai Heavy leads Kospi shares lower

Korea’s Kospi fell yesterday, led by Hyundai Heavy Industries after a media report that a $1.5 billion order from a German shipping operator was canceled.
The Kospi slipped 3.57 points, or 0.2 percent, to close at 1,902.43.
“The market seems to be taking a little break after a good rally last week,” said Kim Jun-ki, an analyst at Hanwha Investment Trust Management in Seoul.
The Kospi, which gained 7.5 percent last week, may rise to 2,050 this month, he said.
Hyundai Heavy Industries, the world’s largest shipbuilder, fell 2.7 percent. Claus-Peter Offen canceled an order it made in September to build nine container ships, citing an inability to get financing for the deal, Korea’s Maeil Business Newspaper said, citing an unidentified Hyundai Heavy official.
SK Telecom, Korea’s largest mobile phone operator, rose 1 percent after the company agreed to buy control of broadband access provider Hanarotelecom to expand its Internet business and challenge KT.
KTF, Korea’s second-largest mobile phone operator, was unchanged at 32,000 won ($34.68). KTF agreed with Japan’s NTT DoCoMo to jointly invest $200 million in Malaysian wireless carrier U Mobile Sdn.
Hyundai Motor, Korea’s largest automaker, slipped 2.5 percent. The Korean automaker said yesterday vehicle sales last month dropped 1.2 percent from a year earlier because of weak demand in China.
Domestic sales rose 1.7 percent, while exports dropped 2 percent, it added. Hyundai Engineering and Construction, Korea’s biggest overseas contractor, gained 4.4 percent after the company received a $920.2 million order from Qatar Fertilizer to build a factory.
The Kosdaq lost 4.9 points, or 0.7 percent to 736.93. Kospi 200 futures expiring in December fell 0.2 percent to 242.25, while the underlying index fell 0.1 percent to 241.61.
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