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Shipping falls hard on record oil

Feb 21,2008
When crude oil hit $100 per barrel for the first time Tuesday (U.S. time), it was a boon for the stocks of some local companies and a disaster for others. While the nation’s benchmark Kospi and secondary Kosdaq fell 1.9 percent and 1.2 percent, respectively, on the day, some companies such as shipping companies and an airliner were struck harder on concerns of a further increase in oil prices.
Korea’s two major shipping companies, Hanjin Shipping and Hyundai Merchant Marine, shed 4.1 percent and 2.1 percent, respectively. Another shipping firm, Korea Line, lost 4.8 percent. Korean Air, the nation’s largest airline, fell 3.3 percent.
On the other hand, companies involved in producing alternative fuels went up. Stocks related to the development of nuclear energy enjoyed a remarkable uptick with Bosung Power Technology, Bumwoo ENG and Morgan Korea gaining by the daily limit of 15 percent.
Iljin Engineering and Construction and BMT advanced 7.6 percent and 2.7 percent, respectively.
“The surge in oil prices makes the prospect of long-term growth in the nuclear energy market bright,” said Yang Hee-jun, an analyst at Mirae Asset Securities.
KCI, a biodiesel producer, saw its stock price rise 3.9 percent, and Samwha Capacitor, involved in the production of hybrid vehicles, advanced 5.2 percent.
Those producing parts used for solar energy generation such as Taihan Electric Wire, DC Chemical and Korea Cottrell rose 2.1 percent, 0.3 percent and 0.2 percent, each.
Crude oil closed at $100.01 a barrel on the New York Mercantile Exchange Tuesday.


By Moon Gwang-lip Staff Reporter [joe@joongang.co.kr]


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