[News] Korea Hot Stocks – S.M. Entertainment, Ssangyong Motor tumble

Posted on: March 22, 2011



SEOUL, Aug 3 (Reuters) – Stocks on the move on Monday include:

As of 0141 GMT, the main KOSPI was up 0.23 percent at 1,560.81 points.

The index opened 0.3 percent higher at 1,561.94 points.


Shares in S.M. Entertainment Co fell after several media reported on Saturday that members of Tong Bang Shin Gi (TVXQ), a South Korean boy band, filed an injunction in a Seoul court to terminate their contract with the talent agency.

‘For investors, it’s reasonable to worry over the news, since Tong Bang Shin Gi is one of the major sources of revenue for SM Entertainment,’ said Kim Chang-kwon, an analyst at Daewoo Securities.



S.M. Entertainment could not be reached for a comment.

S.M. Entertainment shares fell 10.06 percent to 3,755 won as of 0141 GMT, while the junior Kosdaq rose 0.82 percent.

0141 GMT


Shares in Ssangyong Motor plunged by the daily limit of 15 percent after the cash-strapped automaker said on Sunday it would consider a liquidation plan after the management failed to reach an agreement with its union over job cuts.

‘If Ssangyong Motor goes for liquidation, which seems to be the most likely scenario at the moment, the assets liquidated will go to bondholders first,’ said Lee Sang-hyun, an analyst at Hana Daetoo Securities, noting concerns about compensation for stockholders had prompted investors to offload Ssangyong Motor shares.

Shares in Ssangyong Motor dropped 14.93 percent to 1,995 won ($1.63) as of 0032 GMT.

0032 GMT

(Reporting by Jungyoun Park and Shin Jieun; Editing by Jonathan Hopfner and Jacqueline Wong) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) ($1=1222.2 Won) Keywords: MARKETS KOREA HOT/

(jungyoun.park@thomsonreuters.com; +82 2 3704 5643; Reuters Messaging: jungyoun.park.reuters.com@reuters.net)


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credit: ces@soompi
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