Reuters: Hot Stocks: Korea Hot Stocks-STX Pan Ocean down on stake sale woes

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Korea Hot Stocks-STX Pan Ocean down on stake sale woes Feb 4th 2013, 01:45 SEOUL | Sun Feb 3, 2013 8:45pm EST SEOUL Feb 4 (Reuters) - South Korea's main KOSPI share index was up 0.18 percent at 1,961.43 points as of 0127 GMT. The index opened up 0.57 percent. Shares in shipper STX Pan Ocean Co Ltd slid 7.6 percent on news that SK Group will not bid for a controlling stake. SK Shipping Co Ltd, which had received a teaser letter from STX Pan Ocean's advisers earlier, will not pursue a stake in the firm, a source with knowledge of the matter said on Monday. Shares in STX Pan Ocean closed up 10.3 percent on Wednesday on news that its advisers Morgan Stanley and Standard Chartered had delivered teaser letters to potential buyers. SK Shipping is a unit of SK Group, whose chairman Chey Tae-won was jailed for four years on embezzlement charges on Thursday, in another sign that South Korea was willing to get tough on business leaders. (Reporting By Somang Yang and Joyce Lee; Editing by Sunil Nair)

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