HanJung NCS stock soars on first trading day

[Photo provided by Korea Exchange]

Shares of HanJung NCS Co., a South Korean manufacturer of energy storage system (ESS) components, soared nearly 50 percent on the first trading day on Monday.

The stock was trading at 44,400 won ($31.9) as of 10:48 a.m. on Monday, up 48 percent from the initial public offering price of 30,000 won.

HanJung NCS mass-produces chillers and cooling plates, key components of water-cooled cooling systems, and supplies them to Samsung SDI Co.

The company attracted more than 6 trillion won in public subscription deposits.

POSCO International Corp. also saw its stock price go up by more than 5 percent in early Monday trading, driven by expectations of the company‘s involvement in the development of a deepwater gas field in the East Sea.

As of 10:35 a.m., shares of POSCO International were trading at 67,300 won, up 5.28 percent from the previous session.

POSCO International participated in the government’s first strategy meeting on June 21 to discuss the development of deepwater gas fields in the East Sea.

Shinhan Securities Co. noted that “profit growth is expected from next year” and raised its target stock price from 61,000 won to 71,000 won.

Shares of OliX Pharmaceuticals Inc., on the other hand, hit their new 52-week low after news that the company terminated a tech transfer agreement with French ophthalmology company Thea Open Innovation on Monday.

As of 10:35 a.m., OliX shares were trading at 9,620 won per share, down 16 percent from the previous session, after hitting a new 52-week low of 8,280 won per share earlier in the day.

OliX announced its licenses for dry macular degeneration drug candidate OLX301A and wet macular degeneration/subretinal fibrosis drug candidate OLX301D have been transferred from Thea Open Innovation.