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Renewable Energy Stocks Surge in South Korea Amidst Rising Oil Prices
🇰🇷 South Korea /Economy & Trade

Renewable Energy Stocks Surge in South Korea Amidst Rising Oil Prices

From Chosun Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • South Korean renewable energy stocks are rising due to a surge in international oil prices.
  • SK IET's stock price increased by 20% in early trading on the KOSPI market.
  • Other renewable energy companies like Daemyung Energy and HD Hyundai Energy Solutions are also experiencing significant gains.

South Korean renewable energy stocks are experiencing a significant upswing in early trading on the KOSPI market, driven by a sharp increase in international oil prices.

As of 9:44 AM, SK IET's stock price surged by 20%, reaching 74,400 won, a jump of 12,400 won from the previous trading day. This notable increase reflects investor confidence in the renewable energy sector amidst rising global energy costs.

Other key players in the renewable energy sector are also seeing substantial gains. Daemyung Energy and HD Hyundai Energy Solutions are trading up by over 12% and 11% respectively. Hanwha Solutions also registered an upward trend, indicating a broad market movement towards renewable energy assets.

The recent geopolitical tensions in the Middle East are widely cited as a primary factor contributing to the surge in oil prices, consequently boosting the appeal of renewable energy alternatives.

DistantNews Editorial

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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