February 26, 2013 / 1:05 AM / in 5 years

Korea Hot Stocks-SL slumps after report GM idled Malibu plant

SEOUL, Feb 26 (Reuters) - South Korea’s main KOSPI share index was down 0.5 percent at 1,999.61 as of 0048 GMT.

Stocks on the move on Tuesday include:


South Korea’ SL Corp slumped as much as 6.6 percent after a brokerage cut its target price on the head lamp maker, citing suspension of production of the Chevrolet Malibu sedan in the United States by its customer General Motors Co this month.

“As sales of the new Malibu remains lacklustre, GM’s U.S. plant suspended production for the model in February after its December stoppage,” said Oh Seung-june, an analyst at Woori Investment & Securities, in a report.

The Malibu mid-sized sedan accounts for 6 percent of SL’s global lamp production capacity, Oh said.

Automotive News earlier reported that GM planned to idle the Kansas plant that makes the Malibu for two weeks, before resuming output from the week of Feb 17. ($1 = 1086.3250 Korean won) (Reporting By Hyunjoo Jin; Editing by Prateek Chatterjee)

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