[Featured Stock] Myungshin Industry Rises Consecutively on Tesla Credit Rating Upgrade

[Asia Economy Reporter Lee Jun-hyung] The stock price of Myungshin Industry, a 'KOSPI newcomer,' is on the rise. The news of Tesla's credit rating upgrade appears to have acted as a positive factor. Myungshin Industry supplies automotive parts to Tesla and Hyundai Kia Motors.

As of 10:13 AM on the 18th, Myungshin Industry was trading at 39,400 KRW, up 27.92% (8,600 KRW) from the previous trading day. The stock price even surged to 39,850 KRW at one point during the session.

The news of Tesla's credit rating upgrade, to which Myungshin Industry supplies body parts, seems to have influenced the stock price. On the 17th (local time), credit rating agency Standard & Poor's (S&P) upgraded Tesla's credit rating from 'BB-' to 'BB' and gave a 'positive' outlook on the investment grade. S&P explained, "Tesla is expected to have more than $19 billion in cash reserves by the end of this year," and "net debt is expected to be virtually zero."

Myungshin Industry was listed on the KOSPI on the 7th. Since its listing, Myungshin Industry, which has surged as a beneficiary stock of electric vehicles, has risen more than six times from its initial public offering price of 6,000 KRW.

This content was produced with the assistance of AI translation services.