On the 2nd, Chunil Express hit the upper price limit. It is the eighth straight session of hitting the limit since on the 19th. Buying is believed to be flocking to Chunil Express, a major shareholder, on news that the Gangnam Express Bus Terminal will be redeveloped.
As of 9:50 a.m. that day, Chunil Express was trading at 307,000 won on the Korea Exchange, up 75,000 won (29.81%) from the previous session.
Chunil Express hit the upper limit for seven straight sessions from on the 19th to the 28th of last month. With the sharp price jump, it was designated an investment warning issue, and transaction was suspended on the 26th of last month and the 1st of this month.
News of the Seoul Express Bus Terminal redevelopment is seen as driving up Chunil Express's share price. Earlier, the Seoul Metropolitan Government announced on the 26th that it would begin full-fledged preliminary talks with Shinsegae Central and Seoul Express Bus Terminal regarding a mixed-use development of the Seocho-gu Seoul Express Bus Terminal site.
Chunil Express is the second-largest shareholder in Seoul Express Bus Terminal, holding 16.67% equity after Shinsegae Central City (70.49%). If redevelopment moves forward, the value of its stake will rise.