[Special Stock] Foreigners Net Buying on US Battery Plant Establishment Rumors... LG Chem 'Rebound'

[Asia Economy Reporter Ji Yeon-jin] LG Chem rebounded on the 5th, supported by net buying from foreign investors.

LG Chem, which started the day with a decline, successfully rebounded from the early session and was trading at 870,000 KRW as of 10:11 AM, up 0.58% compared to the previous day.

This is analyzed to be due to the resolution of a protracted dispute after reaching an agreement with Hyundai Motor on cost-sharing related to the Kona battery fire recall the day before. LG Chem had exceeded 1,000,000 KRW in early last month, but amid a correction market and the battery fire issue, the stock price had been on a downward trend, turning upward again on this day after three days.

Additionally, a report by The Wall Street Journal (WSJ) that General Motors (GM), the largest automaker in the United States, is planning to establish a second electric vehicle battery plant in Tennessee together with LG Energy Solution also supported the stock price.

On this day, as of 9:30 AM, foreign investors were net buyers of LG Chem worth approximately 960,000 KRW, making it the second most purchased stock after KB Financial (20 billion KRW).