By Kwanwoo Jun
Doosan Fuel Cell Co.’s shares rallied Friday after South Korea’s parliament moved a step closer to enacting a new law to enforce increased hydrogen-energy usage.
Shares in the South Korean energy company jumped 14% to 39,600 won ($31.19) in afternoon trading, compared with the stock benchmark Kospi’s 1.3% decline.
Doosan’s rally came after a parliamentary subcommittee passed the revised hydrogen bill on Wednesday, paving the way for a vote in a plenary session. Markets closed for a public holiday Thursday and resumed trading Friday.
The new legislation, which is almost certain to be passed, would give Doosan a tailwind, if enacted, Seoul-based Eugene Investment & Securities said in a note Friday.
Doosan dominates South Korea’s hydrogen fuel cell market.
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