Reuters: Hot Stocks: Korea Hot Stocks-STX Corp soars on media report of unit stake sale

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Korea Hot Stocks-STX Corp soars on media report of unit stake sale Dec 11th 2012, 01:37 SEOUL | Mon Dec 10, 2012 8:37pm EST SEOUL Dec 11 (Reuters) - South Korea's main KOSPI share index was up 0.3 percent at 1,962.69 points as of 0109 GMT. The index opened up 0.26 percent. Shares in STX Corporation rose more than 5 percent following a local media report that the cash-strapped company was close to a deal to sell a controlling stake in Singapore-listed affiliate STX OSV Holdings. STX Corp in August chose Italian government-owned ship builder Fincantieri SpA as the preferred bidder for a 50.8 percent stake, valued at about $800 million. A STX Corp official said on Tuesday that the stake sale appears imminent but declined to comment further. Shares of its affiliates STX Engine, STX Offshore & Shipbuilding and STX Metal also rallied, while shipping unit STX Pan Ocean posted the biggest gain of 12.5 percent. (Reporting By Somang Yang and Joyce Lee; Editing by Anupama Dwivedi)

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