In early trading on the 16th, Korea Aerospace Industries (KAI) jumped 9%. The rise is seen as investor sentiment being buoyed by news that Hanwha Systems bought Korea Aerospace Industries (KAI) shares.
As of 9:18 a.m. on the 16th, Korea Aerospace Industries (KAI) was trading at 189,200 won on the Korea Exchange, up 6,500 won (3.56%) from the previous session. In early trading, it surged more than 9% at one point to 199,400 won.
The gains are seen as driven by news that Hanwha Systems bought equity in Korea Aerospace Industries (KAI). Earlier, Hanwha Systems said in a business report filed on the 13th that it purchased 566,635 common shares of Korea Aerospace Industries (KAI) for 59.9 billion won. That amounts to 0.58% of the total shares of Korea Aerospace Industries (KAI).
It is the first time in about seven years that a Hanwha affiliate has held equity in KAI. In 2018, Hanwha Aerospace sold its entire 5.99% equity stake in KAI.