News of the US presidential election appears on a dealer's monitor in Hana Bank's dealing room in Jung-gu, Seoul, on Thursday. (Yonhap)
With Democratic candidate Joe Biden likely to win the US presidential election, shares related to eco-friendly and bio companies rose in the local stock market Thursday.
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 (firstname.lastname@example.org