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

Published 10/18/2022, 08:13 PM
Updated 10/18/2022, 08:40 PM
© Reuters. FILE PHOTO: The logo of Kia Motors is seen on a wheel of its Carnival car at the India Auto Expo 2020 in Greater Noida, India, February 5, 2020. REUTERS/Anushree Fadnavis/File Photo
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SEOUL (Reuters) -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 and affiliate Kia on Tuesday said they will book a combined 2.9 trillion won ($2 billion) provision in their third-quarter results.

© Reuters. FILE PHOTO: The logo of Kia Motors is seen on a wheel of its Carnival car at the India Auto Expo 2020 in Greater Noida, India, February 5, 2020. REUTERS/Anushree Fadnavis/File Photo

Shares of Hyundai Motor were trading up 0.9%, versus benchmark KOSPI's 0.2% rise as of 0025 GMT.

($1 = 1,424.6400 won)

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