[Special Report] Russia Launches Attack on Ukraine... KOSDAQ Energy Stocks Hit Upper Limit Simultaneously

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] On the 24th, the day Russia invaded Ukraine, KOSDAQ energy-related stocks surged to their upper price limits. The expectation that energy prices such as crude oil and natural gas will rise due to this war appears to have fueled buying sentiment, as it could significantly improve earnings.

Jungang Enervis has been trading at 36,050 won, up 29.91% (8,300 won) compared to the previous day, since 1:20 PM. The company sells petroleum products such as gasoline, diesel, kerosene, and LPG through a dealership contract with SK Energy.

Daesung Energy, a Daegu-based city gas supplier affiliated with the Daesung Group, recorded 17,850 won, up 29.82% (4,100 won) since 2:20 PM.

Curo Holdings has maintained its upper limit price (29.94%) since 9:30 AM. The surge is attributed to its subsidiary Curocom Energy, located in Texas, USA, which is engaged in resource development projects.

Meanwhile, according to foreign media reports, the Russian Ministry of Defense announced on the 24th (local time) that it is conducting precision strikes on military facilities across Ukraine.

Earlier, Russian President Vladimir Putin declared the start of military operations early that morning, and shortly thereafter, a series of explosions were witnessed in various locations including the capital Kyiv. The British BBC reported hearing 5 to 6 explosions near Kyiv, and Ukrainian local media also reported explosions across Ukraine, including Kyiv, Kyiv’s nearby Boryspil International Airport, Kramatorsk, Odesa, Kharkiv, and Berdyansk.