HMM shares corrected after a rally on privatization hopes

[Photo provided by HMM]

Shares of HMM Co. rallied Wednesday on news that its largest shareholder Korea Development Bank (KDB) met with possible corporate candidates to tap sales of its stake in the Korean sea flag carrier, raising expectations for an acceleration of the privatization scheme before further worsening of the global shipping industry. The shares closed 8.52% higher at 22,300 won on Wednesday and lost 2.91% to trade at 21,650 won in the afternoon trade on Thursday.