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Strategies & Market Trends : Guidance and Visibility

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To: Stoctrash who wrote (12860)	8/29/2001 12:30:47 AM
From: 2MAR$	Read Replies (1) of 208838

Korea's Hynix plunges 6% as saviour Solomon seen selling (world's third largest computer memory chip maker ) SEOUL, Aug 29 (Reuters) - Shares in South Korea's troubled Hynix Semiconductor <00660.KS> plunged to fresh lifetime lows on Wednesday as sales executed by Salomon Smith Barney, leader of a rescue of Hynix just three months ago, spooked investors. Hynix shares were down more than nine percent at 995 won at 0309 GMT, off a lifetime low at 975. "Sell orders coming from Hynix's financial advisers (Salomon) is dampening sentiment," said Park Seok-hyun, analyst at Kyobo Securities. Volume of 135 million shares accounted for over half the market's morning turnover. Korea Stock Exchange data showed Salomon executed sell orders worth 20 percent of those transactions. Details on whether Salomon was selling on its own or on its clients' behalf were not provided. Salomon officials were not available for immediate comment. Salomon engineered a rescue of Hynix worth more than 5 trillion won ($3.93 billion) approved by creditors in May. The world's third largest computer memory chip maker has recently asked lenders for a second bailout. ($1=1271.0 won) ((Choi Kwang-hoon, Seoul Newsroom +822 3704 5665, fax +822 720 5666, seoul.newsroom@reuters.com)) REUTERS * end of story *

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