Short Sellers Target Peace Stock Ahead of Trump-Kim Summit
(Bloomberg) -- This week’s tumble in South Korean peace stocks -- a handful of infrastructure names that move on speculation for business in the North -- came with increased bearish wagers. The number of Hyundai Elevator Co. shares sold short rose to around 7 percent of total stock volume in the past two days, higher than the average of 4.4 percent this year before this week. Investors may be disappointed if the Trump-Kim summit concludes with no significant measures to ease economic sanctions against the North, and there is speculation that Hyundai Group may lose its preferential treatment for business there, said Park Soyeon, a strategist at Korea Investment & Securities.
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