Kumho Tire shares fall after shutdown

Shares in Kumho Tire  fell as much as 4 percent on Friday, after the tyre maker shut down some of its local operations due to strikes.

The suspension of two local factories came soon after the company decided to recall problematic tyres made at a plant in China due to quality issues.

A Kumho spokesman said that the company had yet to decide when operations would resume.

Kumho's labour union staged an one-day strike on Friday, demanding the company take part in negotiations on the work environment.

The South Korean tyre maker, the largest in China, has been under a restructuring programme since last year due to deteriorating profitability and a shortage of liquidity.

Kumho shares were down 2.4 percent as of 0243 GMT.