×

Korea Hot Stocks-Daewoo Shipbuilding sinks after order cancellation

Seoul, Oct 2 (Reuters) - South Korea's main KOSPI share index was up 0.28 percent at 2,001.77 points as of 0028 GMT. The index opened up 0.12 percent.

Stocks on the move on Tuesday include: **DAEWOO SHIPBUILDING DOWN 3 PCT** Shares in Daewoo Shipbuilding & Marine Engineering

fell more than 3 percent after the South Korean shipbuilder said on Friday that a 1.2 trillion Korean won ($1.08 billion) order to build two ships was cancelled due to the global economic downturn.

Daewoo Shipbuilding said that the deal made with an unidentified company in the American region in December 2010, was called off after the shipper had failed to sign a charter contract for the vessels.

Daewoo Shipbuilding shares were traded down 2.5 percent at 25,300 won, underperforming the wider market's 0.25 percent gain as of 0027 GMT. ($1 = 1111.4250 Korean won)

(Reporting by Hyunjoo Jin; Editing by Eric Meijer)

((hyunjoo.jin@thomsonreuters.com)(82-2-3704-5685)(Reuters

Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net))

Keywords: MARKETS KOREA HOT/