Reuters: Hot Stocks: Korea Hot Stocks-Hyundai Motor up despite union's strike threat

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Korea Hot Stocks-Hyundai Motor up despite union's strike threat Aug 16th 2013, 02:53 SEOUL | Thu Aug 15, 2013 10:53pm EDT SEOUL Aug 16 (Reuters) - South Korea's main KOSPI share index was down 0.4 percent at 1915.51 points as of 0238 GMT. Stocks on the move on Friday include: **HYUNDAI MOTOR 2-WEEK-HIGH** Shares in Hyundai Motor Company bucked the market's fall and rose to a two-week high, driven by bargain hunting and hopes of an early end to a possible strike by union members. The labour union and management plan to resume working-level wage talks on Saturday, as workers are bracing for their second consecutive years of walkouts next week, a union spokesman said. The automaker's 45,000 union workers in South Korea had earlier voted to strike over unmet demands including a one-off payment of $2.45 billion from the company's record 2012 profit and gold medals for long-serving employees. The strike could start as early as Tuesday unless a last-minute agreement is made. "The rapid fall earlier this month has kept the Hyundai shares attractive to the investors, also the concerns about the strike's longevity has been eased," said Suh Sung-moon, an analyst at Korea Investment & Securities. Suh added that there are high chances of an early wage deal with an election looming to pick a new union chief and the Chuseok holidays to kick off on Sept. 18. As of 0250 GMT, Hyundai Motor shares gained 1.5 percent at 236,500 Korean won, their highest level since Aug. 2. They are poised to rise for a third consecutive day. ($1 = 1118.6750 Korean won) (Reporting by Hyunjoo Jin and Jungmin Jang; Editing by Supriya Kurane) Link this Share this Digg this Email Reprints

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