[Special Stock] LG Chem Plummets Over 6% Following Moody's Mention of 'Electric Vehicle Battery'
[Asia Economy Reporter Ji Yeon-jin] LG Chem is showing a sharp decline on the 26th following Moody's mention of investment burdens on electric vehicle battery manufacturers.
As of 2:19 PM on the same day, LG Chem is trading at 834,000 KRW, down 56,000 KRW (6.18%) compared to the previous day.
This year, the company’s stock price soared, breaking the 52-week high (1,050,000 KRW) last month amid growing expectations for the electric vehicle market. However, it has been on a downward trend since early this month.
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Additionally, with continued net selling by foreigners and institutions causing the KOSPI index to decline, and international credit rating agency Moody's issuing a forecast that the battery (secondary battery) manufacturers, who are gaining attention alongside the growth of the electric vehicle market, may face increased burdens due to large-scale investments, the stock price is currently experiencing a significant drop.
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