S. Korean automakers rise despite stronger Korean currency
Jae-Won Park
Sep 21, 2020 (Gmt+09:00)
Shares of Hyundai Motor Co. and Kia Motors Corp. are rising despite the rising trend in the value of the Korean won versus the dollar, which usually works against the country’s exporters, including automakers.
Hyundai Motor, the country’s largest automaker, finished 2.2% higher at 185,000 won on Sept. 21. The stock has risen 7.9% in the past week amid the won's steady gains in the currency market. Its sister firm, Kia Motors, closed up 1.4% at 48,450 won.
Their stellar performance in the stock market has pushed the combined market capitalization of Hyundai Motor Group’s 12 affiliates, including Hyundai Mobis Co., above a key threshold of 100 trillion won ($86 billion) for the first time in more than two years.