Hyosung Heavy, Sajo Group stocks see uptick

[Courtesy of Hyosung Heavy Industries]

Hyosung Heavy Industries experienced a significant stock increase on Monday morning over news of a major contract win in Norway. Shares were trading at 327,000 won as of 9:20 a.m., up 16,500 won or 5.31 percent from the previous day. The stock rose to 329,000 won earlier in the session to mark a 5.96 percent increase.

The rise in Hoysung Heavy Industries’ stock follows the announcement that the company secured a 330 billion won ($240 million) contract to supply ultra-high voltage transformers to Norway’s state-owned transmission operator, Statnett. This contract is Hyosung’s largest order in the Norwegian market since entering it in 2020.

Similarly, stocks of Sajo Group surged over 20 percent in early trading due to optimistic earnings expectations. Sajo Daerim shares hit the upper price limit as of 9:18 a.m., trading at 99,400 won and hitting a new 52-week high. The company’s recent increase in sales, driven by the export of key products to the United States, has fueled this growth.

For its part, Samsung Electronics also saw its shares continue their upward momentum, hitting a new 52-week high for the third consecutive trading day. Samsung’s stock was up 0.80 percent as of 9:35 a.m. to trade at 87,800 won. Te stock hit a high as 88,600 won during the early morning session, a 1.72 percent increase from the previous close and the highest intraday price since January 26th, 2021.

The surge is attributed to Samsung’s impressive second-quarter earnings, which exceeded expectations. Analysts credit the strong performance to increased prices of DRAM and other general-purpose memory products, with some raising their target price for Samsung’s stock to as high as 120,000 won.