[Featured Stock] Won Hee-ryong Visits Indonesia... Railway Stocks Rally

Minister of Land, Infrastructure and Transport Won Hee-ryong (left) and Financial Services Commission Chairman Kim Ju-hyun are talking before the Real Estate Related Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 10th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Hwang Junho] On the 14th, Won Hee-ryong, Minister of Land, Infrastructure and Transport, visited Bali, Indonesia, and met with the Minister of Transportation, the Minister of the New Capital City, and the Acting Governor of Jakarta to sign a Memorandum of Understanding (MOU) for cooperation on the development of Phase 4 of the Jakarta Mass Rapid Transit (MRT), leading to a strong performance in railway stocks.

As of 2:37 PM on the 17th, Busan Industrial is hitting the upper limit price (99,300 KRW per share), and other railway stocks such as Aluco and Daehati AI are also showing gains of over 20% compared to the previous session.

The rise is analyzed to reflect expectations following the signing of the MOU between the Ministry of Land, Infrastructure and Transport and the Indonesian Ministry of Transportation during the G20 summit, with Minister Won signing the MOU in Indonesia.

The MRT Phase 4 project, in which Korea is participating, connects an approximately 12 km section eastward from the southern terminus of Phase 1, Patmawati. The total project cost is estimated at 28 trillion rupiah (approximately 2.4 trillion KRW).