Korea Hot Stocks-Hyundai Heavy falls, Hyundai Motor gains

SEOUL, April 2 (Reuters) - As of 0103 GMT, the main KOSPI was up 0.12 percent at 1,721.16 points. The index opened up 0.24 percent at 1,723.29 points.



Stocks on the move on Friday include:



**HYUNDAI HEAVY FALLS ON ORDER CANCELLATION RUMOUR**

Shares in Hyundai Heavy fell on Friday amid order cancellation worries after a local media report that a German firm called off orders for 9 container ships.

But Hyundai Heavy spokesman Kim Ki-young said the container ship order received from Germany's Rickmers had not been cancelled yet.

'We are discussing with the shipper as regards to changing the ship model or delaying delivery date and in other various forms,' Kim told Reuters.

Shares in Hyundai Heavy were down 2.3 percent, and other shipbuilders also declined, with Daewoo Shipbuilding & Marine Engineering losing 2.34 percent.

0108 GMT



**HYUNDAI MOTOR RALLIES ON STRONG MARCH SALES FIGURES**

Shares in South Korea's top automaker Hyundai Motor rallied on Friday after posting a firm 36 percent year-on-year increase in its March sales.

'Our current 6-month target price on Hyundai is 130,000 won but it looks like we will have work over the weekend to raise it further,' said Choi Dae-sik, an analyst at HI Investment Securities.

Choi added that Hyundai's successful new model launch in overseas markets and strong demand from both domestic emerging markets such as China, helped it post a strong set of monthly sales figures.

'Forex swing is a risk, but in terms of the sales volume, Hyundai Motor will probably see the best year this year,' Choi added.

Shares in Hyundai Motor were up 3.31 percent at 125,000 won, after hitting a high of 126,500 won, a record high.

(Reporting by Jungyoun Park and Kim Yeon-hee; Editing by Jacqueline Wong)

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