CJ CGV shares were strong early on the 22nd. Buying appears to have gathered after President Lee Jae-myung said he would support the film industry.
As of 10:08 a.m. that day, CJ CGV was trading at 5,550 won, up 330 won (6.32%) from the previous trading day.
The president said on social media (SNS) the day before, "The government will build a solid foundation so that the film industry can lead the global spread of K-culture and firmly establish itself as a national strategic industry," and "We will actively support the entire process, from production to distribution and overseas expansion, so the film industry can develop into a future innovation growth engine."
This appears to have fueled expectations for support of the film industry and stoked investor sentiment toward related stocks.
The president also visited the 30th Busan International Film Festival with first lady Kim Hye-kyung on the 20th. At the event, Lee said, "Film is a kind of composite art, and there are quite a lot of people who depend on it for their livelihoods, so I think it is a very large industry."