February 1, 2013 / 1:16 AM / in 5 years

Korea Hot Stocks-Doosan Heavy dives on rumours of rights issue

SEOUL, Feb 1 (Reuters) - South Korea’s main KOSPI share index was down 0.6 percent at 1,950.96 points as of 0111 GMT.

Stocks on the move on Friday include:


Doosan Heavy Industries and Construction tumbled nearly 9 percent as market rumours swirled that the shipbuilder may issue new shares, two analysts said.

“There are rumours that Doosan Engineering & Construction, the top shareholder of Doosan Heavy, may issue new shares,” an analyst told Reuters on condition of anonymity.

“The size and reason for the possible rights issue have not been known,” another analyst said.

Other Doosan affiliates also tumbled, with Doosan Engineering & Construction skidding 8.7 percent, Doosan Co down 5.5 percent, Doosan Infracore falling 4.5 percent and Doosan Engine losing 5.2 percent.

Lee Seung-jae, a spokesman at Doosan Heavy Industries, said he has not heard about such rumours, while an official at the shipbuilder’s investor relations team was not immediately available for comments. (Reporting By Hyunjoo Jin; Editing by Subhranshu Sahu)

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