[Asia Economy Reporter Lee Seon-ae] As the first agreement on the budget for U.S. President Joe Biden's infrastructure project has been reached, domestic infrastructure-related stocks are showing upward movement.
As of 9:30 a.m. on the 25th, Hyundai Construction Equipment is up 4.58% at 59,400 won, and Jinseong TCC is up 4% at 13,000 won. Doosan Bobcat is trading up 3.20% at 48,350 won, and POSCO Kangpan is up 6.99% at 82,700 won.
Earlier, on the 24th (local time), President Biden agreed on a large-scale stimulus plan to improve roads, bridges, and broadband communication in the U.S. The plan involves investing $973 billion over 5 years and $1.2 trillion over 8 years, with the amount agreed upon on that day being about $953 billion. The funds were mostly allocated in order to logistics related to transportation, roads, railroads, public transportation, and electric vehicles. However, for electric vehicles, the agreed amount was significantly reduced to $13 billion compared to the Democratic draft of $174 billion. Additionally, $73 billion will be invested in power, and $65 billion in internet communication networks.
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