Stocks in South Korea, Japan react to North Korea-US nuclear news

Stocks in South Korea, Japan react to North Korea-US nuclear news

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U.S. President Donald Trump walks with North Korean leader Kim Jong Un during a break in talks at the U.S.-North Korea summit in Hanoi on February 28, 2019.

Saul Loeb | AFP | Getty Pictures

U.S. President Donald Trump walks with North Korean chief Kim Jong Un throughout a break in talks on the U.S.-North Korea summit in Hanoi on February 28, 2019.

Protection-related shares listed in South Korea and Japan surged by greater than 20 % on Friday following studies that North Korea may suspend nuclear talks with the U.S.

On the identical time, shares of South Korean corporations with publicity to North Korea plunged.

North Korean Vice International Minister Choe Son Hui stated at a information convention that her nation has “no intention to yield” to calls for made by the U.S. She added that North Korean chief Kim Jong Un might rethink a moratorium on missile launches and that he’ll make an official announcement quickly on his place relating to talks with the U.S.

Kim met U.S. President Donald Trump final month within the Vietnamese capital of Hanoi. The 2-day summit was cut short on the final day after each facet failed to agree on denuclearizing North Korea and lifting financial sanctions on Pyongyang.

After Choe’s feedback had been reported on Friday, shares of a number of Asia-listed protection firms jumped.

In South Korea, shares of Victek and Hanil Forging Industrial had risen 24.07 % and 20.62 %, respectively, by Friday’s shut. Over in Japan, Ishikawa Seisakusho ended the session 25.64 % greater.

In the meantime, South Korean shares uncovered to North Korea plunged after the information: Hanil Hyundai Cement ended Friday eight.77 % decrease, and Hyundai Elevator declined by 6.9 %.

In broader markets, South Korea’s Kospi closed zero.95 % greater and Japan’s Nikkei 225 index rose zero.77 %. Within the currencies house, the Korean won weakened towards the U.S. dollar by round zero.1 %, whereas the Japanese yen — usually seen as a secure haven — traded flat towards the dollar.

— Reuters contributed to this report.


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