South Korean stocks with interests in North Korea rose the sharpest in the local market this year amid reconciliatory mood on the Korean peninsula, data showed.
According to Seoul-based financial data provider FnGuide on Sunday, North Korea-related stocks dominated the top ranks in this year’s biggest winners list with shares finishing highest compared to the opening of the year.
The best performer was ready mixed concrete maker Busan Industrial that closed the year at 163,000 won ($145.93) on Friday after gaining a whopping 445.15 percent from the opening close of 29,900 won on Jan 2.
On expectations that it would benefit from the potential opening up of the North, the stock started flying high since the first summit between South Korean President Moon Jae-in and North Korean leader Kim Jong-un on April 27.
Other winners included companies joining in infrastructure building projects in North Korea - DAEA TI soaring 354.85 percent and Puloon Technology 252.17 percent. Daeho AL also played well with a 351.67 percent growth, but the stock has been suspended and in under review by the exchange operator deliberating whether to keep it onboard for the accounting fraud.
Hotel and resort operator Ananti that has a golf course and resort in North Korea saw its stocks surge 210.95 percent since the announcement of hiring world-renowned investor Jim Rogers as an outside director. Market experts expect the legendary investor would give various advices to the company with investment opportunities by closely watching how the inter-Korean cooperation unfolds.
By Chung Hee-young and Lee Ha-yeon
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