S.Korean shares exposed to N.Korea plunge as Trump-Kim summit scheduled later than expected

Dongkuk Holdings Co

10/10/2018 06:41

** Construction and steel stocks exposed to North Korea
plunge as the second summit between U.S. President Donald Trump
and North Korean leader Kim Jong Un will take place in November
after the U.S. midterm elections, which some analysts say was
later than expected  urn:newsml:reuters.com:*:nL2N1WP0QJ
    ** Uncertainty has grown following the news that the summit
will take place later than expected, says Kim Sun-mi, an analyst
at KTB Investment & Securities
    ** Local media earlier reported http://english.donga.com/List/3/01/26/1461019/1
 the talks were planned to be held in October
    ** Construction shares are falling in line with other shares
exposed to North Korea, says Lee Kwang-soo, an analyst at Mirae
Asset Daewoo
    ** Shares of Hyundai Engineering & Construction  000720.KS ,
the largest construction firm, tumble over 8 pct, which leads to
construction sub-index  .KS44  falling 5.4 pct
    ** Hyundai Elevator  017800.KS  and Hyundai Rotem
 064350.KS  lose 12.8 pct and 9.8 pct, respectively
    ** Some steel shares with exposure to North Korea slump as
well, including Hi Steel  071090.KS  and Dongkuk Steel
 001230.KS  down 12.4 pct and 4.3 pct each, while steel and
medal sub-index  .KS34  losing 1.13 pct
    ** The broader KOSPI market  .KS11  was down 1 pct as of
0440 GMT, heading for 7th session of declines, which would mark
the longest straight falling session since Sept 2017

 ((hayoung.choi.thomsonreuters.com@reuters.net
yuna.park.thomsonreuters.com@reuters.net))