Expectations are rising that the new government will accelerate its renewable energy policies following the inauguration of President Lee Jae-myung, leading to a strong performance in solar power-related stocks.
Shares of PARU, which manufactures solar tracking devices, traded at 1,623 won in the Korea Securities Dealers Automated Quotations market at 9:11 a.m. on the 11th. The stock price soared by 26.01% (335 won) compared to the previous day. DaeMoung Energy, Daesun Fine Tech, and others also recorded double-digit stock price increases.
On this day, PARU and DaeMoung Energy, along with SK eternix, reached their highest prices in the past year. Additionally, HD Hyundai Energy Solutions, Hanwha Solutions, and Shinsung ENG are also on the rise.
During his presidential campaign, President Lee emphasized the cultivation of the renewable energy industry as one of his energy pledges. He stated that he aims to develop solar and wind energy, particularly in rural areas facing extinction, in response to the climate crisis and to restructure the industry.
President Lee plans to establish a 'Ministry of Climate and Energy' as a control tower encompassing climate issues and energy policies.