Hyundai Motor shares go up after ruling of the courtcom
Shares in Hyundai Motor Co (005380. KS) went up on Wednesday, a day after a court paved the way for South Korea's top automaker to acquire Hyundai Engineering & Construction Co Ltd.
The court decision which came on late Tuesday has helped to clear away the uncertainty about the acquisition of Hyundai E&C, which had burdened the shares of Hyundai Motor, as stated by analysts.
Hyundai shares went up by 6.18 percent, doing better than the broader market's .KS11 0.23 percent fall as seen at fifty six past eleven pm ET. Seoul shares went down after reaching an all-time high on Wednesday, boosted by firm profits in Hyundai Motor Co (005380. KS) and steel manufacturers like POSCO (005490. KS), but declines in technology and banking plays weighed.
The Korea Composite Stock Price Index .KS11 went down by 0.16 percent to hit 2,081.70 points after going up to a high of level of 2,087.14, surpassing the index's previous record of 2,085.45 hit seen on Nov. 1, 2007.
The market seems to be fluctuating a bit, but this is natural if the index's current level is considered. Broader upside speed is still very much possible as said by Tong Yang Securities market analyst Lee Jae-mahn, pointing out the domestic economy's strong recovery and signs of economic turnaround in the United States.
Lee added. that they think that the KOSPI will go up to two thousand one hundred and twenty points in this month.
Foreign investors bought as much as seven and a half billion won all set to pick up shares for a third consecutive session.
Hyundai Engineering & Construction Co Ltd went up more than seven percent after a court on Tuesday paved its way for the auto manufacturer to purchase a stake in South Korea's top builder.