[Featured Stocks] Cargo Solidarity Strike Withdrawn... Hyundai Motor & Kia 'Strong Performance'
[Asia Economy Reporter Lee Seon-ae] Hyundai Motor and Kia stocks are showing strong performance following news that the Cargo Solidarity has withdrawn its strike.
As of 9:21 AM on the 15th, Hyundai Motor is trading at 178,000 KRW, up 3.50% from the previous trading day, and Kia is trading at 80,000 KRW, up 2.69%.
The Cargo Solidarity of the Korean Confederation of Trade Unions decided to withdraw the strike after seven days since the general strike began on the 14th. The Ministry of Land, Infrastructure and Transport and the Cargo Solidarity announced that they have reached a final agreement on extending the Safe Freight Rate system, which was scheduled to end this year, among other measures.
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During the strike, Hyundai Motor reportedly faced difficulties in vehicle production due to disruptions in parts supply, causing repeated starts and stops of the production line. As a result, on the 13th, the stock price sharply dropped by 5.15% compared to the previous trading day.
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