Stock Prices Soar Following the Halo Effect of the Movie 'Gisaengchung' (Comprehensive)

[Asia Economy Reporter Oh Ju-yeon] Related stocks surged following the news that the film Parasite won four Academy Awards.

According to the Korea Exchange on the 10th, Barunson E&A, the production company of Parasite, opened at 2,050 won, up 2.5% from the previous trading day, but surged more than 24% as the award news spread. As of 2:33 PM, Barunson E&A was trading at 2,505 won, up 25.25% from the previous day.

Its affiliate, Barunson, hit the upper price limit, reaching 2,630 won.

Barunson E&A CEO Kwak Shin-ae said, "I am happy that something I never even imagined has actually happened," adding, "At this moment, I feel that a very meaningful, symbolic, and timely history is being written."

CJ ENM, the investment and distribution company for Parasite, also saw its stock price rise by over 4% after the Academy Awards ceremony.

CJ ENM opened the day slightly up by 0.4% compared to the previous trading day, but after the award news, it rose 4.62% during the session to trade at 151,600 won.

CJ ENM's stock had been weak due to the impact of the novel coronavirus infection (Wuhan pneumonia) that began spreading at the end of last month. However, on this day, benefiting from the positive effect of Parasite's Academy Award wins, the stock price surpassed 150,000 won during the session for the first time since January 23.

CJ ENM introduces Korean films overseas through its overseas direct distribution business, and Vice Chairman Lee Mi-kyung, who oversees this, is regarded as a hidden supporter of Parasite's achievements.

Meanwhile, Parasite won the Academy Award for Best Picture at the 92nd Academy Awards held on the 9th (local time) at the Dolby Theatre in Los Angeles, USA. It had previously won Best Director, Best International Feature Film (Foreign Language Film), and Best Original Screenplay, making it a four-time Academy Award winner.