LOTTE Chemical's stock price is rising over 12% in early trading following news of structural reform in the petrochemical industry.
According to the Korea Exchange, as of 9:38 a.m. that day, LOTTE Chemical's stock price recorded a rise of 12.38% compared to the previous trading day, reaching 69,900 won.
Expectations for structural reform in the petrochemical industry have become a positive factor. Petrochemical corporations held a 'self-regulation agreement ceremony for the revival of the petrochemical industry' the day before, presenting plans to reduce naphtha cracker (NCC) production capacity.
In addition to the industry's self-help efforts such as production cuts, the government is taking positive steps by specifically reviewing financial support measures, including signing joint agreements with bond financial companies.
President Lee Jae-myung noted at the Chief Secretary Meeting on the 14th that he requested, 'Please quickly prepare a comprehensive plan for the restructuring of petrochemicals to recover the competitiveness of the petrochemical industry, one of our core industries.'
In addition to LOTTE Chemical, stock prices of petrochemical-related companies are also rising. LG CHEM and Kumho Petrochemical's stock prices increased by 5.56% and 4.43%, respectively.