Reuters: Hot Stocks: Korea Hot Stocks-Mando skids on support plan for ailing affiliate

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Korea Hot Stocks-Mando skids on support plan for ailing affiliate Apr 15th 2013, 00:35 SEOUL, April 15 | Sun Apr 14, 2013 8:35pm EDT SEOUL, April 15 (Reuters) - South Korea's main KOSPI share index was down 0.5 percent to 1,914.48 points as of 0031 GMT. Shares in Mando Corp tumbled by the daily limit of 15 percent, after the auto supplier announced a plan to support its loss-making sister company Halla Engineering & Construction. Mando said on Friday it will spend 378.6 billion Korean won ($335.26 million) to buy new shares issued by its unit Meister. Meister also said it will inject 338.5 billion won into Halla Engineering & Construction by participating in a rights offering by the builder. Nam Kyung-moon, an analyst at KTB Investment & Securities, downgraded Mando stocks to "suspended" from "buy", saying the financial risks of Halla Engineering & Construction is translating into Mando. Shares in Halla Engineering & Construction firmed 3 percent. ($1 = 1129.2750 Korean won) (Reporting by Hyunjoo Jin; Editing by Stephen Coates)

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