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Business & Finance

Kia shares edge up in choppy trade after booking extra $1.1 bln provision

By : cd on 21 Oct 2022, 05:13     |     Source: reuters.com

KIA

Shares of South Korea’s Kia Corp reversed losses and edged up on Wednesday after the automaker said on Tuesday that its third-quarter earnings will reflect an additional provision of 1.54 trillion won ($1.08 billion) for engine recalls from years ago.

Kia’s shares fell shortly after the market open.

Hyundai Motor (005380.KS) and affiliate Kia on Tuesday said they will book a combined 2.9 trillion won ($2 billion) provision in their third-quarter results

Shares of Hyundai Motor (005380.KS) were trading up 0.9%, versus benchmark KOSPI’s (.KS11) 0.2% rise as of 0025 GMT.