Reuters: Hot Stocks: Korea Hot Stocks-Kia Motors dives as Q4 profit drops

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Korea Hot Stocks-Kia Motors dives as Q4 profit drops Jan 25th 2013, 01:31 SEOUL | Thu Jan 24, 2013 8:31pm EST SEOUL Jan 25(Reuters) - South Korea's main KOSPI share index slipped 0.6 percent at 1,953.62 points as of 0120 GMT. Shares in Kia Motors extended their fall after posting disappointing quarterly results, hit by the stronger local currency and costs to compensate drivers for its false mileage claims in North America. South Korean automaker Kia Motors, an affiliate of Hyundai Motor, reported on Friday that its net profit fell 6.7 percent to 737 billion Korean won ($689.59 million) in the October to December quarter, below a consensus forecast of 838 billion won, according to Thomson Reuters I/B/E/S. Shares in Kia Motors slumped as much as 5 percent to 49,650 Korean won, their lowest intra-day level since Dec 22, 2010. Hyundai Motor, which posted a surprise drop in quarterly profit on Thursday, also continued losses, down 2.4 percent as of 0117 GMT. (Reporting By Hyunjoo Jin; Editing by Sunil Nair)

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