Fueled by word of mouth as a "patriotic company," the share prices of Monami(005360) and Hansung Enterprise(003680), which had recently surged, are plunging on the 21st.
As of 9:35 a.m. on the day, Hansung Enterprise is trading at 9,020 won, down 1,150 won (11.31%) from the previous session on the main board.
At the same time, Monami is also trading at 2,615 won, down 1,115 won (29.89%) from the previous session.
Earlier, Hansung Enterprise's share price surged as uplifting stories about the "patriotic company" spread online. As it became known that Hansung Enterprise has sponsored the "Concert for Heroes" for United Nations Korean War veterans for 25 years, consumers' so-called "donjjul" movement spread.
After the news broke, Hansung Enterprise's share price jumped for five consecutive sessions. The share price, which was 5,010 won on the 8th, tripled to 14,520 won on the 15th.
After being designated an investment warning issue, the share price continued to surge and transaction was halted, and after trading resumed, a wave of profit-taking hit, sending the stock down sharply for a second straight day.
Monami also spiked recently on the patriotic-stock theme. It was highlighted as a leading domestically made brand to replace Japanese writing instruments, and after the Korea Exchange (KRX) Corporate Review Committee released a policy to delist KOSPI-listed firms with a market cap of 30 billion won or less, it became known that the company falls into the at-risk group, prompting public opinion that "we must save patriotic companies."
Monami's share price also tripled from the 8th (1,369 won), but on the day trading resumed it went straight to the lower limit.