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Monday September 10, 9:04 AMKorea Hot Stocks-Korea Express surged on M&A hopesSEOUL, Sept 10 (Reuters) - Stocks on the move on Monday include:As of 0048 GMT, the main KOSPI was down 2.9 percent to 1,831.13 after unexpectedly weak U.S. jobs data raised concerns about the outlook for South Korea's second-biggest overseas market, sending exporters sharply lower. The index opened 2.1 percent lower at 1,845.59 points. **KOREA EXPRESS UP AS SALES LOOM** Shares in the logistics firm surged 6.3 percent to 126,000 won -- one of the few gainers during the session -- after Kumho Asiana's Group chairman was quoted by local media as expressing strong interest in acquiring Korea Express from creditors. Goldman Sachs is the biggest shareholder in Korea Express with a 26 percent stake, while two state-run agencies hold a combined 17 percent stake. Transport conglomerate Kumho Asiana had previously expressed interest in acquiring Korea Express as it grows via acquisitions, including its near-$7 billion purchase of Daewoo Engineering and Construction Co Ltd last year. Other South Korean companies are said to be interested in Korea Express, including shipping combine STX Group and industrial conglomerate Doosan Group, as demand for delivery services rises thanks to growing online commerce business. A Seoul district court in late August allowed Korea Express' top shareholders to begin the sales process this month. The logistics firm has been under court receivership since 2000. |
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