SK Eteronics shares surged more than 24% during trading on July 23, driven by a spike in international oil prices due to geopolitical risks in the Middle East.
As of 11:13 a.m. KST, SK Eteronics was trading at 77,300 won, up 15,300 won (24.68%) from the previous day. At one point, the stock reached 77,500 won, setting a new 52-week high.
The surge in stock price is attributed to escalating military tensions between the U.S. and Iran, which have led to concerns over oil supply disruptions and increased buying interest in renewable energy stocks.
On July 22, West Texas Intermediate (WTI) crude for September delivery closed at $86.83 per barrel, a 2.95% increase, while Brent crude for the same month rose 3.36% to $94.07 per barrel on the New York Mercantile Exchange.
Market analysts suggest that rising oil prices are expected to increase the cost burden of fossil fuel-based power generation, improving investor sentiment towards alternative energy companies such as solar and wind.
SK Eteronics is involved in renewable energy, focusing on solar and wind power, solid oxide fuel cells (SOFC), and energy storage systems (ESS). The company is also expanding into the virtual power plant (VPP) platform business, which integrates and manages power generation resources.
* This article has been translated by AI.
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