STX Shipbuilding Shares on a Roll

Tuesday, June 18, 2013

South Korean shares rebounded Tuesday from the prior session's fall as local institutions rushed to hunt for bargains on views that the recent decline was excessive. STX Group shares benefit from the rebound.

STX group shares ended bullish on news that its shipbuilding unit was assessed to have higher value of business continuation than liquidation value, reports Xinhua.

The holding company STX Corp. surged at the daily permissible limit of 15 percent, and STX Heavy Industries and STX Engine jumped 9.4 percent and 13.3 percent each. The shipping unit STX Pan Ocean, which filed for court receivership, tumbled 14.8 percent.

Source: Xinhua

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