Bloomberg News

China Overseas, Hyundai, Hynix: Asia Ex-Japan Equity Preview

June 09, 2011

June 10 (Bloomberg) -- The following companies may have unusual price changes today in Asian trading, excluding Japan. Stock symbols are in parentheses and share prices are from the previous close, unless noted otherwise.

China Overseas Land & Investment Ltd. (688 HK): The property developer controlled by the nation’s construction ministry said property sales in May rose 252 percent to HK$12.1 billion from a year earlier. The shares fell 0.1 percent to HK$15.06.

Hyundai Heavy Industries Co. (009540 KS): Hyundai Heavy denied a MoneyToday report that shareholders of Hynix Semiconductor Inc. suggested the shipbuilder bid together with Hyundai Motor Group. The report is groundless, Hyundai Heavy said in an e-mailed response to queries. Hyundai Heavy, the world’s biggest shipyard, dropped 3.4 percent to 450,000 won. Hynix (000640 KS) fell 0.7 percent to 28,700 won.

Hyundai Motor Co. (005380 KS): Hyundai Motor employees at a factory in Asan, South Korea, walked off assembly lines at 2:40 p.m. local time today, disrupting production, according to an e- mail from the company that didn’t give an estimate of potential losses. Hyundai declined to confirm or deny an earlier Edaily report that a union member committed suicide at the plant. Hyundai Motor dropped 2.2 percent to 226,500 won.

Manila Electric Co. (MER PM): The largest Philippine power retailer said it will work with the 37.2 billion peso ($858.8 million) expenditure budget that was approved by regulators for the period July 2011 to June 2015, a stock exchange filing showed. The utility made the statement after regulator approved a distribution rate that’s lower than what the company collects from customers. The stock gained 0.9 percent to 271.40 pesos.

XOX Bhd. (XOX MK): The Malaysian mobile telecommunications services provider will make its debut on the Kuala Lumpur stock exchange. The company sold shares at 80 sen each in its initial public offering, according to its prospectus dated May 24.

--With assistance from Ian Sayson in Manila and Tien Hin Chan in Kuala Lumpur. Editor: Nick Gentle.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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