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Hyundai Motor shares jump 4 pct on foreign buying, FX hopes
January 13, 2014 / 1:05 AM / 4 years ago

Hyundai Motor shares jump 4 pct on foreign buying, FX hopes

SEOUL, Jan 13 (Reuters) - Shares in South Korea’s Hyundai Motor Co jumped more than 4 percent on Monday, helped by buying interest from foreign brokerages after sharp declines in recent weeks, amid hopes that the pace of the Japanese yen’s slide might ease, dealers said.

“Hyundai Motor and Kia Motors have undergone a series of corrections on worries over currency rates, which has lowered their valuations to prompt bargain hunting today,” said Eric Choi, an auto analyst for Shinhan Investment Securities.

Shares in Hyundai traded up 3.6 percent at 0055 GMT after rising as much as 4.5 percent earlier.

“The view that the yen has fallen as far as it might against the dollar appears to be spreading after a U.S. auto lobby group said over the weekend that the Japanese government has purposefully managed currency rates to give its exports an edge,” said Shin Chung-kwan, an analyst at KB Investment & Securities. (Reporting by Joyce Lee; Editing by Paul Tait)

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