Korean shipyard stocks stung by low oil prices

  • PUBLISHED :June 27, 2017 – 14:05
  • UPDATED :June 27, 2017 – 14:05

[THE INVESTORHyundai Heavy Industries and other major shipyards in Korea have seen their stock prices slide for days due to a fall in oil prices, analysts said on June 27.

HHI was trading at 173,000 won (US$152) on the Seoul bourse as of 10:10 a.m., down 0.29 percent from the previous session‘s close. The price is down from its yearly high of 187,500 won on June 14.

Its smaller rival Samsung Heavy Industries was quoted at 12,500 won, down 1.19 percent, extending its losing streak to a second day.

HHI has risen some 22 percent so far this year, and Samsung Heavy has enjoyed a 20 percent rise. Hyundai Mipo Dockyard, an affiliate of HHI, saw its share prices surge some 40 percent this year. The shipyard was trading at 105,500 won, after hitting a yearly high of 122,500 won in mid-June.

Analysts said the shipbuilders may come under further selling pressure should oil prices stay at lower-than-expected levels.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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