Shipping stocks slide after US port strike ends
SEOUL, Oct 4 (Reuters) -Shares in shipping companies fell heavily across Asia on Friday after workers and U.S. port operators agreed a deal to end a strike on the East and Gulf coast docks far sooner than expected.
Evergreen Marine 2603.TW, Wan Hai Lines 2615.TW and Yang Ming Marine 2609.TW in Taiwan fell between 8.8% and 10% in their heaviest drops for several months.
Japanese shippers Nippon Yusen 9101.T, Kawasaki Kisen 9107.T and Mitsui OSK Lines 9104.T logged drops between 7% and 9% and were the largest decliners on the Topix index .TOPX.
"Investors who hoped for a short-term rebound in freight charges, which are in a downward trend, are selling as the strike ended," said Yang Ji-hwan, an analyst at Daishin Securities.
Reporting by Jihoon Lee in Seoul and Tom Westbrook in Sydney; Editing by Muralikumar Anantharaman
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