Trump Call From Korea’s Yoon Sparks Jump in Shipbuilding Stocks

Bloomberg

07 Nov 2024

(Bloomberg) -- South Korean shipbuilding stocks advanced Thursday, defying declines in the broader market, after Donald Trump expressed hopes for close cooperation with the Asian nation.

Shares of Hanwha Ocean Co. climbed as much as 15%, the most since April 18, after a congratulatory call to Trump from South Korean President Yoon Suk Yeol. Peer HD Hyundai Heavy Industries Co. jumped as much as 16% and Samsung Heavy Industries Co. rose 8.4%. All three were among the top gainers on the MSCI Asia Pacific Index, which slumped for a second day.

South Korea is home to some of the world’s most advanced shipbuilders, while the US shipbuilding industry has virtually collapsed in recent years. Hanwha Ocean is buying a former Navy shipyard in Philadelphia and recently secured Korea’s first ever contract to overhaul a US naval vessel.

Trump expressed hopes for a close partnership with South Korea, including in shipbuilding, and the two leaders agreed to meet in the near future, the presidential office in Seoul said.

More broadly, South Korea is concerned about the impact of tariffs floated by Trump ahead of the election, if actually implemented. Trump’s victory has pushed the won to a two-year low against the dollar, while the Kospi equity benchmark extended declines to a third day.

--With assistance from Emily Yamamoto and Shinhye Kang.

©2024 Bloomberg L.P.

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