Reuters: Hot Stocks: KOREA HOT STOCKS-GS E&C dives 15 pct on 'shocking loss'

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KOREA HOT STOCKS-GS E&C dives 15 pct on 'shocking loss' Apr 11th 2013, 01:04 SEOUL, April 11 | Wed Apr 10, 2013 9:04pm EDT SEOUL, April 11 (Reuters) - South Korea's main KOSPI share index was up 0.2 percent at 1,939.50 as of 0053 GMT. Shares in GS Engineering & Construction Corp plunged by the daily limit of 15 percent after the South Korean builder said it had swung to an operating loss of 535.4 billion won ($471.40 million) in the January-March period. Other builders also lost ground, pulling down the construction sub-index to the lowest level since December 2008. Samsung Engineering plummeted 8 percent and Doosan Engineering & Construction fell 5 percent. "The construction sector is sinking after GS E&C posted a shocking loss yesterday, with firms that have similar business models being the hardest hit," said James Chong, a sector analyst at Tongyang Securities. Chong said Samsung Engineering was plagued by the same problems as GS E&C, being heavily dependent on downstream plants in the Gulf, which has become increasingly unprofitable due to competition among South Korean builders driving bidding prices lower. ($1 = 1135.7750 Korean won) (Reporting by Somang Yang; Editing by Subhranshu Sahu)

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