[Featured Stocks] 'Goodbye Hinnamno'... Typhoon Beneficiary Stocks Plummet

[Asia Economy Reporter Ji Yeon-jin] On the 6th, news that Typhoon Hinnamnor had moved out to the East Sea caused related beneficiary stocks to plummet.

As of 10 a.m. that day, Uwon Development was trading at 4,845 won, down 16.47% from the previous day. Uwon Development is a construction company specializing in earthworks, and it had been expected to benefit from recovery efforts due to damage caused by Typhoon Hinnamnor, having surged 22.2% on the 2nd and closing up more than 9% the previous day.

At the same time, Newbotec was also down 12.03%, trading at 1,060 won. This company produces plastic water supply pipes, sewage pipes, and related materials, and was also considered a typhoon beneficiary stock.

In addition, Samho Development (down 9.2%) and Jayeon Gwahwangyeong (Nature and Environment) (down 8.67%) also recorded steep declines.

According to the Korea Meteorological Administration, Hinnamnor made landfall near Geoje City, Gyeongnam Province, around 4:50 a.m. that day and moved out to the sea off Ulsan around 7:10 a.m. The central pressure and maximum wind speed were 955 hPa and 40 m/s (144 km/h), respectively, with an intensity classified as "strong," but it moved into the East Sea somewhat faster than initially expected.