South Korean shipbuilders jump as Trump seeks support

HD Hyundai Heavy Industries Co

07/11/2024 01:25

** Shares of South Korean shipbuilders rally after U.S.
President-elect Donald Trump says the United States'
shipbuilding industry is in need of South Korea's support
    ** HD Hyundai Heavy Industries  329180.KS  rises 13%,
Samsung Heavy Industries  010140.KS  and HD Korea Shipbuilding &
Offshore Engineering  009540.KS  gains 7% and 5%, respectively,
while Hanwha Ocean  042660.KS  climbs 11%
    ** Trump says he looks forward to discussing more about how
South Korea can aid the American shipbuilding industry,
according to a South Korean official
    ** "The U.S. shipbuilding industry has weakened and now
accounts for just 1% of the global market, while China accounts
for 70% and South Korea around 20%. It is interpreted that the
U.S. will work together with Korea, as Trump's policy is not
friendly to China," said Wee Kyung-jae, an analyst at Hana
Securities
    ** The benchmark KOSPI index  .KS11  down 0.5%, as of 0112
GMT


 (Reporting by Jihoon Lee)
 ((jihoon.lee@thomsonreuters.com))