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Another rough day's trading for STX Corp

Another rough day's trading for STX Corp

Seoul: STX Corp fell 6.7% to 58,400 won after tumbling by the daily limit of 15% on Monday due to its 307.8 bn won new share offer plan.
STX Corp, the de facto holding group for the shipbuilding to shipping conglomerate, said Monday it plans to issue 5.39 million common shares at 57,100 won a piece, a 22 percent discount to Friday's closing price of 73,600 won. This call for extra cash sparked liquidity fears about the rapidly expanding maritime giant.
Still, the group was bolstered today by bargain hunters swooping in for stocks of its shipping line after last week's steep drops, linked to the Baltic Dry Index's slump. Shares of STX Pan Ocean Co. climbed 2.7% in Seoul and 3% in Singapore trading.  [17/6/08]


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