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Preferred shares of Samsung Heavy nose-dive on profit-taking

All News 17:08 June 19, 2020

By Nam Kwang-sik

SEOUL, June 19 (Yonhap) -- Preferred shares of Samsung Heavy Industries Co. tumbled on Friday, snapping a winning streak of 13 consecutive sessions, as retail investors sought to cash in part of gains.

Preferred shares of Samsung Heavy fell by 20.43 percent to close at 592,000 won (US$488.50) on the Seoul bourse.

Its common shares also fell 1.38 percent to 6,440 won.

Trading of preference shares in Samsung Heavy resumed Friday after being suspended again on the Seoul bourse on Thursday after a fourteenfold rise over 13 sessions.

Trading of Samsung Heavy's preferred stocks was also suspended on June 9 and June 12 due to their abnormal rise.

Samsung Heavy's preferred stocks closed at 744,000 won on Wednesday, up from 54,500 won on June 1.

Over the same period, common shares in Samsung Heavy advanced 30 percent to 6,470 won from 4,980 won.

Preference shares usually pay higher dividends than common stocks. Holders of such shares have the right to receive dividends ahead of ordinary shareholders but have no right to vote at shareholders' meetings.


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