[Featured Stock] Aluco Rises 20% on Hyundai Rotem Neom City Benefit...

[Image source=Yonhap News] Saudi Arabia's influential figure, Crown Prince Mohammed bin Salman, the first in line to the throne, declared that he will transform Saudi Arabia into an open and moderate Islamic country.

[Asia Economy Reporter Minji Lee] Aluco is showing an upward trend of over 20% during trading hours.

At 11:09 AM on the 17th, Aluco was traded at 3,165 KRW, up 21.5% from the previous trading day. The company's stock price surged to 3,385 KRW during the session.

It is analyzed that the positive news was driven by Hyundai Rotem, which has an exclusive aluminum body supply contract with Aluco, cooperating on a 2.5 trillion KRW high-speed rail purchase project promoted by the Saudi Rail Authority in celebration of Saudi Crown Prince Mohammed bin Salman's visit to Korea.

Hyundai Rotem, specializing in railroads and vehicles within Hyundai Motor Group, plans to establish a foothold for expanding into the Middle Eastern market through an MOU with the Saudi Ministry of Investment and the Rail Authority to set up a railroad vehicle manufacturing plant.

Crown Prince bin Salman is the top authority in Saudi Arabia overseeing the ‘NEOM City’ project, which has a total project cost of 500 billion USD (approximately 663 trillion KRW).