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Eco-friendly, bio shares climb on prospect of Biden presidencyBy Shin Ji-hye
Published : Nov. 6, 2020 - 10:58
The market had predicted that companies related to electric vehicle batteries and renewable energy would benefit if Biden is elected. Earlier, he pledged a $2 trillion plan to invest in eco-friendly infrastructure. He also promised to rejoin the Paris Agreement on Climate Change, which Trump withdrew from, and to push for carbon emissions to reach “net zero” by 2050.
Shares of three EV battery makers, LG Chem, Samsung SDI and SK Innovation, closed at around 5 percent on Thursday. Wind power generator company CS Wind rose 7.9 percent. Solar power firms Hanwha Solutions and OCI also increased 12.3 percent and 8.38 percent, each.
Bio-related shares went up on the expectation that Biden will expand universal medical services through “Obamacare,” as he had promised. With Samsung Biologics jumping 6.55 percent, the pharmaceutical sector in the KOSPI market rose 3.23 percent and the pharmaceutical sector in the KOSDAQ market rose 3.22 percent, respectively.
By Shin Ji-hye (email@example.com)
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