Hanwha Ocean order loss sends shipbuilders and newly listed stocks sharply lower, with only Samsung SDS gaining
Hanwha Ocean was eliminated from the Canadian submarine contract, sending its share price 20% lower and weighing on the shipbuilding sector overall. In the same session, among newly listed stocks 14 issues, 13 traded below their listing prices, while Samsung SDS rose 6% on expectations for its AI business.
In today's session, Hanwha Ocean was not selected for the Canadian submarine contract, sending its share price 20% lower. The shipbuilding sector also weakened across the board, with HD Hyundai Heavy Industries ending the session down in the 5% range.
In the IPO market, among 14 newly listed stocks, 13 traded below their listing prices. Individual leveraged products also plunged, dampening investor sentiment.
Samsung SDS gained 6% on expectations for its artificial intelligence business. Securities firms were reported to have raised their target prices for Samsung SDS one after another.
According to Canadian government officials, the Canadian prime minister said that both TKMS and Hanwha had met stringent requirements, suggesting that the race was extremely close. The two companies were reportedly evaluated on nearly equal terms during the final selection process.
Securities market analysts assessed that Hanwha Ocean’s failure to win the order and weakness in newly listed stocks increased market volatility that day. Some securities firms recommended buying during the correction period.
Market participants called for checking disclosures related to shipbuilding stocks and newly listed stocks. Trading volume increased from usual levels, while sector-by-sector gains and declines diverged clearly.