Moon and Mars Ambitions Send South Korean Rocket Stocks Skyward
South Korea's plan to land on the moon and Mars in a few decades propelled shares of the nation's rocket-related stocks on Tuesday.
President Yoon Suk Yeol spelled out the country's space roadmap late Monday with an aim to develop a rocket engine within five years that can fly to the moon and start mining resources in 2032. The country also plans to land on Mars in 2045.
Korea Aerospace Industries Ltd. surged as much as 5.7% Tuesday, while Hanwha Aerospace Co. jumped more than 4%, outperforming the benchmark Kospi, which rose less than 1%. LIG Nex1 rose about 3%.
South Korea also plans to create a government agency next year overseeing space and aeronautics administration. The move comes after Yoon vowed during his presidential campaign to set up a Korean version of the world famous NASA.
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