Chunil Express, a KOSPI-listed company seen as a beneficiary of the Seoul Express Bus Terminal redevelopment, was weak in early trading on the 19th.
As of 9:16 a.m. on the day, Chunil Express was trading at 369,500 won, down 64,500 won (14.86%) from the previous session.
Chunil Express's share price rally began on the 18th of last month when news of the Seoul Express Bus Terminal redevelopment hit the market. Chunil Express is the second-largest shareholder with 16.67% equity in the Seoul Express Bus Terminal, following Shinsegae Central City (70.49%), an affiliate of Shinsegae Group.
Buying gathered on expectations that the value of the major shareholder's equity could grow astronomically if the terminal site in Banpo-dong, Seocho-gu, Seoul is developed. The share price, which had fallen to 37,100 won on Nov. 17, topped 500,000 won earlier this month.
Although it fell on the 8th (-10.90%), the 10th (-4.99%) and the 12th (-9.95%) of this month, the continued uptrend led to a trading halt notice from the Korea Exchange (KRX) the previous day. Chunil Express was designated an investment risk issue on the 1st of this month.
Although transaction resumed on the day, the stock is plunging as investor sentiment soured despite the redevelopment catalyst. Conversely, Dongyang Express, grouped as a similar beneficiary with 0.17% equity in the Seoul Express Bus Terminal, was up more than 9% at the same time.