At 9:06 a.m. on July 15, 2024, the Korea Stock Price Index (KOSPI) was trading at 2,861.59, up 0.16 percent from the previous trading day. AJU PRESS
As of 9:23 a.m. (1223 GMT), Hanwha Aerospace was trading at 262,000 won ($189.4), up 3.35 percent from the previous trading day. LIG Nex1 was trading at 255,000 won, up 4.37 percent, or 9,500 won, from the previous day. Hyundai Rotem and Hanwha Systems also recorded gains, trading at 42,250 won (up 5.76 percent) and 19,230 won (up 5.09 percent), respectively.
Analysts said defense stocks could benefit if the former U.S. president wins. "Trump has advocated for reducing support for NATO (North Atlantic Treaty Organization), which could lead to European countries increasing their defense budgets," KB Securities analyst Ha In-hwan said.
He said this would result in higher defense spending by countries other than the U.S., giving a significant boost to the defense sector.
Bitcoin's rise to the $60,000 range boosted related domestic cryptocurrency stocks. Woori Technology Investment, which holds shares in Dunamu, the operator of Korea's largest cryptocurrency exchange Upbit, traded up 5.83 percent at 7,810 won. Hanwha Investment & Securities also rose 1.94 percent, trading at 3,415 won.
Trump is said to be more favorable to the cryptocurrency industry than President Joe Biden. During a fundraising event in San Francisco in June, Trump described himself as a cryptocurrency champion and pledged support for the sector.
Stocks in finance, pharmaceuticals, energy, semiconductors, electric vehicles and medical industries are also viewed as potential beneficiaries of Trump's policies. Nuclear power-related Doosan Enerbility was trading at 21,600 won, up 3.35 percent.
However, sectors aligned with Biden's priorities, such as renewable energy, are viewed less favorably.
"Sectors unrelated to Trump's policies, such as renewable energy, should be approached with caution when making investment choices," Kim Dae-jun, a researcher at Korea Investment & Securities, said.
Trump was shot in his right ear during a campaign rally in Pennsylvania on Saturday (local time). He was just days away from being selected as the Republican nominee for the upcoming presidential election in November.
