[Featured Stocks] Nuriho Launch Success... Related Stocks Weakened Amid Profit-Taking Sell-Off

[Image source=Yonhap News]

[Asia Economy Reporter Lee Myunghwan] Following the successful launch of the Korean-type launch vehicle Nuriho (KSLV-II) on the 21st, the stocks of companies involved in its development are showing a downward trend as profit-taking emerges.

As of 10:33 AM on the 22nd, Hanwha Aerospace is trading at 49,100 KRW, down 5.13% (2,600 KRW) from the previous trading day. Korea Aerospace Industries (KAI) is also trading at 51,600 KRW, down 3.73% (2,000 KRW) from the previous day.

Hanwha Aerospace manufactured the engine used in Nuriho, while KAI was responsible for the overall assembly of the Nuriho system.

Other aerospace-related stocks such as AP Satellite (-15.18%), BitsroTech (-10.67%), and Genoco (-8.85%) are also declining in tandem.

This is interpreted as investors realizing profits after the material effect of Nuriho's successful launch has disappeared.

Nuriho was successfully launched the previous afternoon, placing the onboard satellite into orbit. With this, South Korea became the seventh country capable of launching practical satellites weighing over 1 ton into space.