U.S. President Donald Trump officially took office and decided to abolish the electric vehicle preferential policy, causing domestic secondary battery-related stocks to show overall weakness.
Shares of LG Energy Solution traded at 361,000 won on the KOSPI market at 9:35 a.m. on the 21st. The stock price fell by 2.56% (9,500 won) compared to the previous day. POSCO Holdings, SK Innovation, and LG CHEM also experienced weakness.
ECOPRO BM and Ecopro recorded stock price declines of over 5% and 3%, respectively, on the KOSDAQ market at the same time.
As the abolition of the electric vehicle preferential policy of the Trump administration was formalized, it appears that the investment sentiment in domestic secondary battery stocks has also frozen.
President Trump announced during the inauguration ceremony at the U.S. Capitol in Washington, D.C., that he would end the Biden administration's "Green New Deal" policy. He subsequently signed an executive order to cancel related subsidies.