[Special Stock] Railway Stocks Surge on Resumption of Inter-Korean Railway Connection Project
[Asia Economy Reporter Minwoo Lee] Related stocks are soaring on news that the government will resume the inter-Korean railway connection project, which has been neglected for over a year.
As of 11:05 a.m. on the 20th, Daea T&I is trading at 6,340 won, up 25% from the previous trading day. Busan Industrial and Pureun Technology are also showing stock price increases of 16.43% and 15.85%, respectively, at the same time. Woori Technology is up 6.5% at the same time.
The news that the government is resuming the inter-Korean railway project appears to have acted as a positive factor. The Ministry of Unification announced that "around the 23rd, the 313th Inter-Korean Exchange and Cooperation Promotion Council will be held to discuss recognizing the 'Donghae Northern Line Gangneung?Jejin Railway Construction Project' as an inter-Korean exchange and cooperation project, and through this, plans to create conditions for early groundbreaking, such as exemption from preliminary feasibility studies."
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Previously, the two Koreas held a groundbreaking ceremony at the North Korean Kaesong Panmun Station on December 26, 2018, but subsequent projects could not proceed as inter-Korean relations froze.
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