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Korea Hot Stocks-Hyundai Motor, Kia Motors, SK Hynix
March 11, 2013 / 12:46 AM / 5 years ago

Korea Hot Stocks-Hyundai Motor, Kia Motors, SK Hynix

SEOUL, March 11 (Reuters) - South Korea’s main KOSPI share index was down 0.6 percent at 1,993.66 as of 0029 GMT. The index opened down 0.3 percent at 0001 GMT.

Stocks on the move on Monday:


Shares in Hyundai Motor Co fell 2.6 percent in early trading while sibling Kia Motors slid 2.4 percent as the yen stayed near multi-year lows against the dollar on Monday.

“Hyundai did start a two-shift production schedule on weekdays as of this week, but the news was already exposed last week. The yen’s sharp decline, after showing signs of somewhat easing, appears to be driving the selloff,” said Cho Soo-hong, an analyst at Woori Investment & Securities.

The dollar was steady against the yen around 96.05, near Friday’s peak of 96.60 yen, its highest since August 2009, hit after the U.S. jobs data. A softer yen benefits Japanese automakers directly competing with South Korean counterparts.


Shares in SK Hynix Inc rose 1.1 percent, beating local tech peers on positive first-quarter earnings outlook for the chipmaker.

“The price of personal computer (PC) D-RAM chips has exceeded expectations, adding roughly 100 billion won ($91.72 million) to (SK Hynix‘s) inventory value and more than doubling first-quarter operating profits from initial forecasts to about 260 billion won,” said Jin Sung-hye, an analyst at KTB Investment & Securities. ($1 = 1090.3000 Korean won) (Reporting by Joyce Lee; Editing by Anand Basu)

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