World’s Third Largest Shipbuilder Crashes 29% Amid Asian Equity Carnage

Shares in Samsung Heavy, the world’s third largest shipbuilder, plunged by 29% during Wednesday’s trading session after unexpectedly forecasting operating losses this year and 2018 and announcing a capital raise. Meanwhile, Asian equities tumbled, led by technology, mining and industrial companies, with the MSCI Asia Pacific Index falling for eight straight days, its longest run of down days since 2015.

‘Things are really getting bad for Samsung Heavy because they have been slow to respond to the weakening market conditions,’ said Park Moo Hyun, an analyst at Hana Financial Investment Co. in Seoul. ‘It’s not going to look good for the company next year.’

This post was published at Zero Hedge on Dec 6, 2017.