Shares of HD Korea Shipbuilding & Offshore Engineering are strong in early trading on the 13th. HD Hyundai appears to have stimulated investor sentiment by deciding to strengthen cooperation in the shipbuilding industry centered on its local shipyard, HD Hyundai Vietnam Shipbuilding.

Shares of HD Korea Shipbuilding & Offshore Engineering were traded at 382,000 won in the KOSPI market at 9:22 a.m. this morning. The stock price rose 7.3% (26,000 won) from the previous day. Stocks of other HD Hyundai Group shipbuilding affiliates, including HD Hyundai Heavy Industries and HD Hyundai Mipo, are also on an upward trend.

HD Hyundai attended a corporate meeting held under the auspices of Tô Lâm, the General Secretary of the Communist Party of Vietnam, who visited Korea as a state guest the previous day, to discuss measures for cooperation in the shipbuilding industry. HD Korea Shipbuilding & Offshore Engineering signed a “comprehensive cooperation agreement in shipbuilding” with Vietnam’s largest state-owned shipping company, Vietnam Maritime Corporation (VIMC), and plans to work together to promote the development of Vietnam’s shipbuilding industry and to expand and modernize VIMC’s fleet.

Other shipbuilding stocks are also showing an upward trend. This is interpreted as a result of the upcoming South Korea-U.S. summit scheduled for the 25th, which includes economic cooperation in the manufacturing sector, including the shipbuilding industry, as one of its main agenda items.

Samsung Heavy Industries and Hanwha Ocean are showing stock price increases of around 2%. Stocks of shipbuilding equipment companies, such as DAEYANG Electric and KSP, are also strong.
Source: CHOSUNBIZ