Seoul shares retreated on Monday as weak U.S. job data dampened economic recovery hopes, with falls led by Hana Financial Group on reports of a rights offer, but shipbuilders rebounded after steep recent falls.
… Shipbuilders climbed following steep recent losses on reports of French shipper CMA CGM’s financial troubles, which stoked worries about potential order cancellations. ‘Shares had clearly been oversold last week on the CMA CGM concerns, and we are seeing a technical rebound. We do not think CMA CGM will go as far as completely cancelling orders, though they may delay actual delivery,’ said Martin Song, an analyst at Woori Investment & Securities.
From Thomson Reuters, October 4, 2009
