Major Shipyard Shares Pass 52 Week High

SEOUL, KOREA- Korea’s shipbuilding stocks, which have remained in a slump for a long time, are showing signs of rebounding. Amid growing expectations for the recovery of the shipbuilding market, the stock prices of major shipyards set a new high.
On September 10, Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries, and Hyundai Mipo Dockyard saw their stock prices rise by 3.14 percent, 1.31 percent, and 1.02 percent, respectively, all passing their 52-week high. Hanjin Heavy Industries also jumped by 6.92 percent to 13,900 won.

After taking a breath last month, the shipbuilding stocks continued to grow this month as major market indicators showed improvements. The newbuilding price index, released on September 6, inched up by 1 point to 129 from 128. The Baltic Dry Index (BDI), a benchmark index that affects the trend of shipbuilding stocks, also rose by about 20 percent within a month, reaching a level that is the highest since February 2012.