S.Korea's super-conductor research drives rally in some small-cap stocks
03/08/2023 02:22
** A few small-cap stocks rally in Seoul's stock market on
excitement from a claim of a successful super-conductor
development, which is being disputed by a scholar group
** Shares of Duksung 004830.KS and SuNam 294630.KQ ,
super-conductor equipment and materials makers, up by the daily
limit of 30% for a third straight session
** Mobiis 250060.KQ and Power Logics 047310.KQ , which
specialise in nuclear fusion and rechargeable battery-related
technologies, join the rally with gains of more than 20%
** The rally has been ongoing since last week after a South
Korean research team at Quantum Energy Lab claimed it
successfully developed a room-temperature super-conductor, LK99
** Investment warnings have been flagged for all stocks by
the stock exchange due to a sudden increase in volatility
** The technology will bring innovation to various sectors
from quantum computing to nuclear fusion and electric wire, but
it is controversial that the research paper was made public on a
pre-release website - Hana Securities
** Based on data and video clips made available, the
experiment result is not judged to be a room-temperature
super-conductor, and a committee will be set up for clearer
verification - the Korean Society of Superconductivity and
Cryogenics
(Reporting by Jihoon Lee)
((jihoon.lee@thomsonreuters.com))