Bloomberg News

South Korea Stocks: Hynix Semiconductor, Hyundai Heavy, STX

July 06, 2011

July 6 (Bloomberg) -- Shares of the following companies had unusual moves in South Korea trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close in Seoul.

The Kospi Index increased 9.44, or 0.4 percent, to 2,171.19. The measure rose for a sixth day, its longest stretch of gains since April.

Hyundai Heavy Industries Co. (009540 KS), the world’s biggest shipbuilder, rallied 6.4 percent to 484,000 won, the steepest jump since May 31, after saying it won’t bid for a controlling stake in Hynix Semiconductor Inc. (000660 KS). Hynix, the world’s second-largest computer-memory chipmaker, lost 5.4 percent to 26,500 won, the biggest drop since June 17.

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. (067250 KS) sank 5.9 percent to 28,850 won, after tumbling as much as 14 percent earlier. STX Engine Co. (077970 KS) dropped 3.1 percent to 28,200 won. No decision has been made, STX Group said in an e- mail response to questions from Bloomberg News.

Samsung Heavy Industries Co. (010140 KS), a shipyard, added 1.6 percent to 47,650 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 from Samsung Heavy.

--Editor: Shiyin Chen

To contact the reporter on this story: Saeromi Shin in Seoul at sshin15@bloomberg.net

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


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