Hyundai Department Store shares are surging 16% on the 27th. Expectations for improved earnings and a recovery in domestic consumption appear to be influencing the move.
As of 10:11 a.m. that day, Hyundai Department Store shares were trading at 114,400 won, up 16.14% (15,900 won) from the previous trading day.
Stocks of Hanwha Galleria and Shinsegae, which are grouped together as department store plays, are also strong.
Shares appear to be rising on expectations of earnings improvement and a recovery in domestic consumption.
Jang Min-ji, a Kyobo Securities researcher, said, "Hyundai Department Store is understood to have the largest number of stores in Seoul with sales of 1 trillion won or more among the three department store companies," and noted, "In the first quarter, total sales for the department store segment are expected to increase 6.2% on-year to 1.8482 trillion won, and operating profit is projected to rise 31.5% to 127.8 billion won."