Korea’s planned gas field development project boosts gas, valve stocks

[Photo by Yonhap]

The stocks of South Korean gas, valve, and trading companies gained ground on Monday, following an announcement by the government that it will launch a tender to select an investment advisor for a deepwater gas field development project in the East Sea.

Shares of Korea Gas Corp. (Kogas) were trading at 44,100 won ($32) as of 10:59 a.m. on Monday, 13.22 percent from the previous session.

Kogas shares hit a new 52-week high of 64,500 won on June 20 before dropping to 38,000 won last week.

The stocks of Posco International Corp., GS Global Corp., Hansung Engineering Co., HS Valve Co., and DK-Lok also gained.

“A reliable investment underwriter will play a vital role in encouraging major global firms to invest in the East Sea project,” said Ahn Duk-geun, Minister of Trade, Industry and Energy.