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South Korea’s shipbuilding rising on order intakes

Seoul - Share prices of South Korean shipbuilders are sailing higher following massive orders in recent months, Seoul’s press agency Yonhap wrote on Friday

Seoul - Share prices of South Korean shipbuilders are sailing higher following massive orders in recent months, Seoul’s press agency Yonhap wrote on Friday. Shares in Korea Shipbuilding & Offshore Engineering Co., which manages shipbuilding units of Hyundai Heavy Industries Group, closed at 122,200 won (0,094 euros) on Wednesday, up 26 percent from one month earlier.

Samsung Heavy Industries Co. rose 19.7 percent on-month to end at 8,140 won, 0,0062 euros, while Daewoo Shipbuilding & Marine Engineering Co. jumped 23 percent on-month to close at 30,300 won or 0,023 euros. “The recent surge in shipbuilding shares is mainly due to the rising number of order intakes and speculation that the industry will further recover through the fourth quarter,” Hwang Eo-yeon, an analyst at Shinhan Financial Investment Co., said in his report.

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