[Market Focus] STX Engine Surges Over 7% on Hopes for Canadian Submarine Project

STX Engine has shown strong performance for two consecutive trading days. Investor sentiment appears to have surged following reports that its client, Hanwha Ocean, in partnership with HD Hyundai Heavy Industries, has been selected as a finalist for the Canadian submarine project (CPSP).

As of 9:45 a.m. on August 29, STX Engine was trading at 43,250 won, up 2,850 won (7.05%) from the previous trading day. The previous day, STX Engine had also risen by 13.01%.

According to Hanwha Ocean, the company, together with HD Hyundai Heavy Industries, has been shortlisted as a finalist for the Canadian submarine project 'CPSP.' They will compete in the final round against Germany's ThyssenKrupp Marine Systems.

As expectations rise for winning this project, which is estimated to be worth up to 60 trillion won, investors are also focusing their attention on component suppliers. STX Engine, which manufactures diesel gensets (engine + generator), is considered a beneficiary of this development.