S.Korea battery firms, suppliers rally on rising hopes for electric cars

Posco Future M

05/08/2020 07:28

** Shares of South Korean electric battery makers and their
suppliers surge 
    ** Samsung SDI  006400.KS  surges 11%, while SK Innovation
 096770.KS  up 17% 
    ** LG Chem  051910.KS  shares rise 4.4% to a fresh record 
    ** Kim Ji-san, analyst at Kiwoom Securities and Ko Jung-woo,
an analyst at NH Investment & Securities say hopes are growing
for electric vehicles, after LG Chem last week flags growing
battery profitability driven by growing demand from European
automakers and Tesla  urn:newsml:reuters.com:*:nL3N2F217F
    ** Shares of POSCO Chemical  003670.KS , which supplies
battery materials to LG Chem, surge 9%, after co said on Tuesday
it would invest 289.5 billion won ($243.23 million) to expand
its production capacity for cathode materials to meet demand for
next-generation batteries  urn:newsml:reuters.com:*:nS6N2AU01N
    
      
($1 = 1,190.2500 won)

 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685))