Moon and Mars Ambitions Send South Korean Rocket Stocks Skyward | Tech News

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.

By:BLOOMBERG
| Updated on: Nov 29 2022, 18:57 IST
Korea Aerospace Industries
Korea Aerospace Industries Ltd. surged as much as 5.7% Tuesday. (Bloomberg)

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.

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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%.

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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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First Published Date: 29 Nov, 18:18 IST
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