[Asia Economy Reporter Minji Lee] GS Global is showing a surge of over 9% during trading hours amid the coal crisis.
At 9:31 a.m. on the 6th, GS Global was trading at 4,995 KRW, up 9.66% from the previous trading day. On the same day, GS Global soared to 5,230 KRW during trading hours, setting a new 52-week high.
As coal prices continue to soar due to supply instability caused by the COVID-19 economic recovery, power shortages, and Russia's invasion of Ukraine, concerns over coal supply have intensified as Qinhuangdao Port, China's largest coal trading port, faces a near shutdown due to city lockdowns.
On the 28th of last month, the Chinese government reported positive nucleic acid (PCR) test results in Haigang District, Qinhuangdao City, Hebei Province, and imposed a full lockdown to block the risk of transmission. The date for lifting the lockdown has not yet been announced.
Meanwhile, GS Global announced on the 4th that its consolidated operating profit for the first quarter of this year was preliminarily estimated at 23.86 billion KRW, a 195.2% increase compared to the same period last year.
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