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Hanwha Ocean Drops 23.95% as Canada Rejects Submarine Bid; Kumho Tire Surges 64.56%

GateNews
Stocks

According to the Korean Exchange, Hanwha Ocean plunged 23.95% during the week ending July 10, the steepest decline among KOSPI-listed companies, after Canada selected Germany's Thyssenkrupp Marine Systems as the preferred bidder for its next-generation submarine project (CPSP), a 60 trillion won contract covering the construction and 30-year maintenance of 12 submarines.

In contrast, Kumho Tire surged 64.56% on expectations that Honam region semiconductor mega-cluster development could drive up land values for its Gwangju facility.

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