[Featured Stock] Korea Gas Corporation Benefits from Rising International Oil Prices... 5 Consecutive Trading Days of Gains
[Asia Economy Reporter Lee Seon-ae] As international oil prices surpassed $130 per barrel, Korea Gas Corporation is showing strong performance on the 7th. Korea Gas Corporation is a representative stock that benefits from rising oil prices.
As of 9:52 AM on the 7th, Korea Gas Corporation is trading at 48,000 KRW, up 5.03% compared to the previous trading day. The stock price rose to 48,700 KRW in early trading. The stock price has been rising for five consecutive trading days.
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Korea Gas Corporation's profits increase as the selling price of natural gas rises due to the increase in international oil prices. The securities industry particularly expects a significant increase in operating profit from overseas oil exploration and production (E&P) businesses. NH Investment & Securities forecasted this year's operating profit in this sector to reach 410 billion KRW, an 86% increase from last year. Riding on the rise in international oil prices, operating profits from the Australian Gladstone Liquefied Natural Gas (GLNG) and the Australian Prelude Floating Liquefied Natural Gas (Prelude FLNG) projects are expected to increase by 227% and 153% year-on-year, reaching 168 billion KRW and 93 billion KRW, respectively.
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