Korean Construction Shares Up on Park’s Iran Visit
Economy, Domestic Economy

Korean Construction Shares Up on Park’s Iran Visit

Construction shares in the South Korean stock market rallied on hopes of big development deals in Iran during President Park Geun-hye’s upcoming visit to the Middle Eastern nation in early May, Yonhap news agency reported. Hyundai Engineering & Construction rose 1.9% and Daelim Industrial gained 0.91% on Monday trade. The positive movement was in contrast to the overall sentiment at the stock market, as the benchmark Korea Composite Stock Price Index retreated 3.7 points to 2,011.79. President Park is leading a delegation of more than 200 businesspeople from such fields as construction, energy, finance, shipping and steel to Iran from May 1-3 to expand bilateral trade ties. South Korea is among the most developed countries in the steel, automotive and agriculture sectors. Bilateral trade with Iran stood at about $6.1 billion in 2015.

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