South Korea Stocks: Hyundai Motor, Mirae Asset, Ssangyong

By Saeromi Shin

Dec. 2 (Bloomberg) -- South Korea’s Kospi index fell 38.99, or 3.7 percent, to 1,019.63 as of 9:49 a.m. in Seoul.

The following are among the most-active stocks in South Korean markets.

Automakers: Hyundai Motor Co. (005380 KS), South Korea’s biggest carmaker, fell 2,750 won, or 6.7 percent, to 38,250. Kia Motors Corp. (000270 KS), an affiliate, lost 510 won, or 7.5 percent, to 6,260. Ssangyong Motor Co. (003620 KS), the South Korean unit of China’s biggest automaker, slid 60 won, or 5.9 percent, to 960.

Goldman, Sachs & Co. said November sales were among the “weakest” since the 1998 financial crisis, and it remains “negative” on the Korean automakers as the slowdown in sales has just begun to be felt in the domestic market.

Brokerages: Samsung Securities Co. (016360 KS) fell 3,100 won, or 5 percent, to 59,000. Korea Investment Holdings Co. (071050 KS) retreated 1,500 won, or 6 percent, to 23,400. Mirae Asset Securities Co. (037620 KS) retreated 3,800 won, or 5.9 percent, to 60,200. Morgan Stanley cut its view on the industry in Korea to “cautious,” from “in-line,” in a note, saying the fund sale commission is being “pressured.” It cut its recommendation on Samsung Securities to “underweight,” from “equal-weight,” saying it has outperformed “significantly.” The brokerage also cut its rating on Korea Investment Holdings to “underweight,” from “equal-weight,” citing concerns over its mutual savings bank.

Ssangyong Engineering & Construction Co. (012650 KS) tumbled 940 won, or 14 percent, to 5,710. Dongkuk Steel Mill Co. (001230 KS), the third-biggest South Korean steelmaker, will scrap a plan to acquire the builder after failing to win an agreement to cut the purchase price, a company spokesman confirmed Chairman Chang Sae Joo as saying. Dongkuk will make a final decision at a board meeting today.

To contact the reporter on this story: Saeromi Shin in Seoul at sshin15@bloomberg.net