Hynix Semiconductor shares prices july 6 2011 ; In Seoul, Hynix Semiconductor shares slumped 5.5% after Hyundai Heavy Industries Co. said Wednesday that it has decided not to submit a letter of intent for a controlling stake in the chip maker.
"The not-so-good semiconductor market condition seems to have partly pushed Hyundai Heavy to drop the bid plan. Chip prices will likely fall sharply during July, largely due to an inventory correction at PC makers and that's when we will be able to see the bottom for Hynix shares," said Kiwoom Securities analyst Kim Sung-in.
Hyundai Heavy jumped 6.5%. Creditors-turned-shareholders of the chip maker plan to accept LOIs from interested parties on July 8 and select a preferred bidder in August.
Other tech stocks were also down, with Samsung Electronics off 1.1% and LG Electronics down 1.2%
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