Hanwha Ocean's failed bid for a Canadian submarine contract 20% plunge, shipbuilding stocks weaken
Hanwha Ocean's failure to win the Canadian submarine project sent South Korean shipbuilding stocks lower together from 7 month 6~7 day. Hanwha Ocean plunged by 18% in premarket trading before falling as much as 20% during the session, while HD Hyundai Heavy Industries also weakened by 5%. Over the same period, Samsung SDS rose 6% on expectations for its AI business, in contrast.
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South Korean shipbuilding stocks weakened from 7 month 6~7 day as Hanwha Ocean failed to win the Canadian submarine project.
Hanwha Ocean plunged by 18% in premarket trading before falling as much as 20% during the session. The stock moved sharply before and during the start of trading.
HD Hyundai Heavy Industries also recorded a decline of 5%. Major shipbuilding-related stocks weakened together.
Canada’s prime minister said that both TKMS and Hanwha had met all the stringent requirements, suggesting an extremely close contest. The prime minister’s remarks indicate that the bidding ended by a narrow margin.
Some securities firms presented Hanwha Ocean’s current correction phase as a buying opportunity. Along with their recommendations, they also issued upward and downward target-price revisions.
Meanwhile, in the technology sector, Samsung SDS rose by % on expectations for its AI business. Securities firms were reported to have successively raised their target prices.6strength
Today’s market showed mixed trends between the defense and shipbuilding sectors and AI-related technology stocks. Investors watched the bidding results and company-specific disclosures.