South Korean Shares Close Lower Amid Weak Economic Data and Positive Developments for HD Korea Shipbuilding
Key Ideas
- South Korean shares closed slightly lower due to weak domestic economic data, with the Kospi down by 0.02% and the Kosdaq decreasing by 0.9%.
- In December 2024, South Korea experienced a rise in unemployment rate to 3.7%, the highest in three and a half years, with the number of employed people declining.
- HD Korea Shipbuilding & Offshore Engineering received approval for its vacuum insulation technology for liquefied hydrogen storage tanks from four global classification societies, boosting its market performance.
- The shipbuilder also secured DNV certification for its shipboard liquefied hydrogen tank welding procedures, showcasing expertise in material selection and welding techniques, leading to a more than 3% rise in shares at market close.
On January 15, 2508, South Korean shares closed slightly lower, driven by weak domestic economic data, with the Korea Composite Stock Price Index (Kospi) down by 0.02% and the Kosdaq decreasing by 0.9%. The country's unemployment rate surged to 3.7% in December 2024, the highest in over three years, accompanied by a decrease in the number of employed individuals. HD Korea Shipbuilding & Offshore Engineering made strides in the hydrogen sector, receiving approval in principle for its vacuum insulation technology for liquefied hydrogen storage tanks from renowned classification societies such as Lloyd's Register and the American Bureau of Shipping. Additionally, the company obtained DNV certification for its shipboard liquefied hydrogen tank welding procedures, underscoring its proficiency in material selection and welding techniques. These positive developments propelled HD Korea Shipbuilding's shares to rise more than 3% at market close, showcasing investor optimism in the company's hydrogen-related advancements.