April 20, 2024
Stocks & Bonds
Movie shares don’t benefit from bull run
[THE INVESTOR] Despite a stock market bull run, movie theater operators and distributors in Korea have suffered severe setbacks.
Shares of the top cinema chain CJ CGV listed on the main bourse closed at 72,600 won (US$63.90) on June 19, down a whopping 12.5 percent from June 1, according to the Korea Exchange on June 20.
Media company Jcontentree, the operator of multi-screen theater chain Megabox, which is listed on KOSDAQ, saw its share price drop 0.5 percent to 3,995 won over the cited period.
Move distributors NEW and Showbox, which are also traded on the minor bourse, saw their share prices drop 3.8 percent and 6.9 percent, respectively, during the period.
Industry watchers attributed the price falls largely to a decrease in the number of local moviegoers.
Analysts said it remains to be seen whether the movie stocks will be able to rebound in the second half, though several blockbuster Korean movies are slated to open in July and August.
By Alex Lee and newswires (alexlee@herladcorp.com)
Shares of the top cinema chain CJ CGV listed on the main bourse closed at 72,600 won (US$63.90) on June 19, down a whopping 12.5 percent from June 1, according to the Korea Exchange on June 20.
Media company Jcontentree, the operator of multi-screen theater chain Megabox, which is listed on KOSDAQ, saw its share price drop 0.5 percent to 3,995 won over the cited period.
Move distributors NEW and Showbox, which are also traded on the minor bourse, saw their share prices drop 3.8 percent and 6.9 percent, respectively, during the period.
Industry watchers attributed the price falls largely to a decrease in the number of local moviegoers.
Analysts said it remains to be seen whether the movie stocks will be able to rebound in the second half, though several blockbuster Korean movies are slated to open in July and August.
By Alex Lee and newswires (alexlee@herladcorp.com)
