South Korea Stocks: Hynix Semi, Hyundai Heavy, STX Offshore
Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of 10:02 a.m. in Seoul. The Kospi Index (KOSPI) fell 2.50, or 0.1 percent, to 2,159.25.
Hyundai Heavy Industries Co. (009540 KS), the world’s biggest shipbuilder, rallied 5.5 percent to 480,000 won, the most since May 31, after saying it won’t bid for a controlling stake in Hynix Semiconductor Inc. (000660) Hynix (000660 KS) retreated 4.8 percent to 26,650 won.
STX Group units fell on speculation that the group may bid for a stake in Hynix, said Kim Hong Gyun, an analyst at Dongbu Securities Co. STX Offshore & Shipbuilding Co. sank 4.9 percent to 29,150 won. STX Corp. (011810 KS) fell 1.4 percent, while STX Engine Co. (077970 KS) dropped 4.3 percent. No decision has been made, STX Group said in an e-mail response to Bloomberg News.
Samsung Heavy Industries Co. (010140 KS), a shipyard, added 1.4 percent to 47,550 won. Maersk Drilling, a unit of A.P. Moeller-Maersk A/S, said it has used a $1.3 billion option to order two more so-called ultra deepwater drillships at Samsung Heavy in South Korea.
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