Trump's Alaska Comments Spark Rally in South Korean Steel Stocks
South Korean steel pipe and steel stocks surged in early trading on September 3 after US President Donald Trump reiterated that South Korea and Japan would participate in the Alaska liquefied natural gas (LNG) project.
The catalyst for investor sentiment was President Trump's remarks, made while announcing plans to visit Alaska to support Republican candidate Dan Sullivan. Speaking to reporters at the White House on September 2, he said: 'We have Japan and South Korea. All of these people are going to Alaska to load fuel, load oil, build pipelines, and do everything else.'
The sharp rally is interpreted as being driven by expectations created by President Trump's repeated mentions, without any concrete contracts or orders having been confirmed.