Investors in the South Korean stock market rushed to stocks linked to former US President Donald Trump on Monday, such as construction, nuclear power and defense and exchange-traded funds (ETFs) with Tesla Inc.as the odds of his winning back the White House rose after the shooting at him in the election rally last Saturday.The main Kospi rose 0.14% to finish at 2860.52, and the junior Kosdaq climbed 0.30% to close at 852.88 on July 15, the first trading day after the US presidential candidate’s incident.
Korean institutional investors net bought 122.7 billion won worth of the Kospi-listed stocks and net sold 15.8 billion won worth of the Kosdaq shares on the same day.“We are unlikely to see a sharp outflow of funds as the public opinion is that Trump’s victory will be favorable to (the Korean) stock market,” said Kim Jee-hyun, an analyst at Seoul-based Kiwoom Securities Co.“If Trump's win becomes more likely, the stock markets will see fewer uncertainties,” Kim added.
Wind power equipment maker CS Wind Corp.dropped 2.42% to 48,300 won.“It may be difficult for Trump to change the big frame of the IRA, but he would make giving subsidies more difficult through legislation amendment,” said Han Byung-hwa, an analyst at Seoul-based Eugene Investment & Securities Co.“If Trump wins, the growth rate of EV markets will significantly decline than currently expected,” Han added.
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