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STX Offshore and Shipbuilding shares hit record low

STX Offshore and Shipbuilding shares hit record low
Seoul: Troubled Korean shipbuilder STX Offshore and Shipbuilding's share price sank today to its lowest value since the company was listed in 2003.

The 13% tumble in price came amid concerns over the company's first quarter earnings which are due to be announced 15 May. Shares closed at KRW3,230 ($2.86). This time last year shares were changing hands at KRW13,000.

The drop in value was not an isolated incident as the firm's compatriots also suffered.

STX Engine Co's share price has also went south by 13% yesterday, contributing to a total fall from around KRW8,000 a month ago to KRW4,125 on 12 April.

Daewoo Shipbuilding and Marine Enginering dropped 7.7% to KRW24,500, Hyundai Heavy Industries fell 6% to KRW188,000 and Samsung Heavy Industries closed at KRW30,100, also a 6% drop.