Some clean energy stocks in South Korea and Japan rose on Thursday as Biden signed sweeping actions to combat climate change just hours after taking office. South Korea’s OCI Co, a solar equipment maker, rose as much as 9 per cent on and Japan’s West Holdings gained 4.5 per cent.
Shares of US private prison operators, long a target of Democrats, tumbled. CoreCivic Inc declined over 7.8 per cent and Geo Group fell over 4.1 per cent. Shares of both companies dropped the most since Dec. 22.
Asian defence stocks dropped on expectations that Biden’s less confrontational policies would dampen global geopolitical risks and the need to ramp up spending on the sector. Japanese rifle maker Howa Machinery fell 7.8 per cent while Australian defense shipbuilder Austal, which gets around 77 per cent of its revenue from the US, declined 2.7 per cent.
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