Hyundai Heavy Industries Co. and other major shipyards in South Korea have seen their stock prices slide for days due to a fall in oil prices, analysts said Tuesday.

Hyundai Heavy was trading at 173,000 won ($152) on the Seoul bourse as of 10:10 a.m., down 0.29 percent from the previous session's close. The price is down from its yearly high of 187,500 won on June 14.

Its smaller rival Samsung Heavy Industries Co. was quoted at 12,500 won, down 1.19 percent, extending its losing streak to a second day.

Local shipyards have been enjoying a sharp rise in their stock prices on hopes for a recovery in the global shipbuilding sector and expectations of rising oil prices, which would spur demand for new ships.

Hyundai Heavy has risen some 22 percent so far this year, and Samsung Heavy has enjoyed a 20 percent rise. Hyundai Mipo Dockyard Co., an affiliate of Hyundai Heavy, saw its share prices surge some 40 percent this year. The shipyard was trading at 105,500 won, after hitting a yearly high of 122,500 won in mid-June.

But things have changed in the past few days. Oil prices are trading at an almost 10-month low, partly affected by increased shale oil from the United States and friction among oil-rich countries over a plan to cut output.

"Recently, shares of local shipyards have risen sharply on hopes for a recovery, and their gains were not fueled by earnings growth," said Choe Kwang-shik, an analyst at Hi Investment & Securities. "That's why their stock prices are sensitive to oil prices."

Analysts said the shipbuilders may come under further selling pressure should oil prices stay at lower-than-expected levels.

"The shipbuilding sector is basically sensitive to economic cycles, and their bottom lines have not improved enough to support their stock prices," said Kim Yun-seo, an analyst at KTB Investment & Securities. (Yonhap)