[Market Focus] "Iran Crisis Side Benefit" SK Innovation Up 6%

SK Innovation is experiencing an upward trend as expectations rise that South Korean refiners will benefit from the Iran crisis.

As of 9:15 a.m. on March 3, SK Innovation was trading at 136,200 won, up 8,500 won or 6.66% from the previous trading day.

In a report released on this day, Shin Young Securities stated, "We expect continued upward pressure on energy prices due to ongoing geopolitical risks for the time being," and selected S-Oil-a pure refining company-as its top pick, along with SK Innovation, which operates the largest refining facilities in Korea.

Shin Hongjoo, a researcher at Shin Young Securities, said, "In the short term, disruptions to crude oil supply among domestic refiners are limited, and Korea’s number of days of strategic oil reserves is 1.5 times higher than the global net oil importing countries’ average of 144 days, so even if this issue becomes prolonged, Korea will be relatively well positioned."

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