South Korean battery shares rise on rebound hopes

Samsung SDI

02/09/2024 02:30

** Battery maker LG Energy Solution's  373220.KS  shares
rise as much as 7.3% to a five-month high
    ** Shares of local peer Samsung SDI  006400.KS  rise as much
as 4.5% to a six-week high
    ** South Korean battery shares had fallen too much
year-to-date versus fundamentals, fuelling hopes from investors
that the industry will hit bottom and recover soon, most
recently due to a bullish report by a foreign investment bank on
Sunday, said Rho Woo-ho, analyst at Meritz Securities 
    ** Morgan Stanley said in a report on Sunday that European
EV rules may change for South Korean battery makers' benefit 
    ** LG Energy Solution shares had dropped 27.3% year-to-date
in early August before rebounding 
    ** The broader KOSPI market  .KS11  flat as of 0116 GMT

 (Reporting by Joyce Lee)
 ((joyce.lee@tr.com;))