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Hanjin Group sheds biggest in market cap from shipping affiliate's downfall

All News 09:20 September 01, 2016

SEOUL, Sept. 1 (Yonhap) -- Hanjin Group, whose shipping affiliate filed for court receivership this week, fell five notches in market capitalization rankings this year among the top 30 listed conglomerates, according to the Korea Exchange on Thursday.

The group, whose businesses range from hotel operations to flag carrier, had 4.39 trillion won (US$3.98 billion) in market cap as of Wednesday, shedding 274.2 billion won. The loss put the group at No. 28 in the rankings, down from No. 23 at the end of last year.

The conglomerate's cargo carrier Hanjin Shipping Co. on Wednesday applied for court protection after its creditors decided to cut off their financial support for the company sunk deep in debts. The affiliate's market cap plunged from 891 billion won at the end of 2015 to 304 billion won this year.

Shinsegae, S-Oil and Hyundai Department Store also fell in the ladder, giving up four notches each, while GS Group fell three spots.

LG Group, currently fourth; AmorePacific; Hanwha; KT; Kolon; and Young Poong all were down one notch.

Hyundai Heavy Industries, on the other hand, who turned around to profit in the second quarter this year, jumped up five places to 13th, data from the Korea Exchange showed.

A pickup in the steel industry pushed up the ranking of POSCO from ninth to seventh. Hankook Tire and Hyundai Group also gained two spots.

SK Group, currently placed third; Korea Electric Power Corp.; KT&G; Doosan; and Hyundai Development Co. all climbed one ranking.

Samsung, Hyundai Motor, Lotte and LS stayed in their places.

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