Hyundai Mipo Dockyard Shares Hit 52-week High

SEOUL, KOREA- Shipbuilding shares are gaining strength on the back of a series of new orders and expectations of industry-wide recovery. At 9:29 am on September 17, the shares of Hyundai Heavy Industries were traded at 259,000 won, up 0.97 percent from the previous day's 256,500 won, rising for two consecutive trading days.

The shares of Hyundai Mipo Dockyard, which had reported in the previous day that it won a 198-billion-won order, once rose up to 156,000 won in the middle of the day, hitting a 52-week high. Other shipbuilding shares such as Samsung Heavy Industries (2.48%) and Daewoo Shipbuilding & Marine Engineering (1.36%) were also on the rise.

Park Moo-hyun, analyst with E-Trade Securities, said, "Of all the shipbuilders, Hyundai Mipo Dockyard will see its share price rise fastest. The fact that the ocean shipping volume of petrochemical products such as ethylene is rising in a robust manner is one of the reason for the optimistic prediction."

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