S.Korean auto shares soar as Trump expected to delay tariff decision

Hyundai Glovis

16/05/2019 01:23

** South Korean auto shares surge as U.S. President Donald
Trump is expected to delay a decision on imposing tariffs on
imported cars by up to six months  urn:newsml:reuters.com:*:nL2N22R0RO
    ** Sources tell Reuters that the administration has drafted
language to formally delay a decision on the tariffs, due by May
18 
    ** The proclamation will exempt South Korea any future
tariffs because it has renegotiated the U.S-Korea Free Trade
Agreement last year, according to a Bloomberg report
    ** Shares of Hyundai Motor  005380.KS  surge more than 5%,
while its affiliate Kia Motors  000270.KS  jumps as much as 7%
    ** Hyundai Glovis  086280.KS , Hyundai Motor Group's
logistics arm, and Hyundai Mobis  012330.KS , the group's
autoparts maker, gain 3.9% and 4.9% respectively
    ** The broader KOSPI market  .KS11  is flat

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