Bloomberg News

Hyundai Development Falls After Citigroup Cuts Stock Rating

October 31, 2011

Nov. 1 (Bloomberg) -- Hyundai Development Co. fell as much as 6.6 percent in Seoul trading after Citigroup Inc. cut its stock rating to “ neutral” from “buy,” citing weaker-than- expected third-quarter earnings. The South Korean builder dropped to 22,050 won as of 9:55 a.m. on the Korea Exchange. The benchmark Kospi Index added 0.4 percent.

To contact the reporter on this story: Saeromi Shin in Seoul at

To contact the editor responsible for this story: Seyoon Kim at

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