[Featured Stocks] SH Energy Chemical, Heungkuk Oil Rise on Trump's "End of Oil Price War" Remarks

[Asia Economy Reporter Minwoo Lee] Petrochemical stocks such as SH Energy & Chemical and Heungkuk Oil are showing strong performance.

As of 2:57 PM on the 2nd, SH Energy & Chemical is trading at 803 KRW, up 14% from the previous day. Heungkuk Oil began soaring by more than 20% around 2:30 PM. As of 2:58 PM, it is trading at 6,570 KRW, hitting the price limit increase of 29.84%.

This appears to be a positive factor following U.S. President Donald Trump's statement on the 1st (local time) expressing hope that Saudi Arabia and Russia will soon end the oil price war and achieve production cuts and price recovery.

According to major foreign media, President Trump said at a press conference that day, "I recently spoke with the leaders of Russia and Saudi Arabia, and I believe these two countries will agree to end the oil price war within days." Earlier, amid the global economic slowdown caused by the novel coronavirus disease (COVID-19), Saudi Arabia and Russia engaged in an oil production increase competition, causing global oil prices to fall to the $10 range for the first time in 18 years this year.