[Featured Stocks] Shinsegae and Hotel Shilla Stocks Recover on COVID-19 Related Clinical News

[Asia Economy Reporter Oh Ju-yeon] Duty-free store stocks, which had plummeted due to the impact of COVID-19, are showing strength on the afternoon of the 12th.

As of 2:45 PM on this day, Shinsegae was trading at 299,000 KRW, up 5.47% from the previous trading day, and Hotel Shilla was trading at 97,200 KRW, up 5.19% from the previous trading day.

Since the outbreak of COVID-19, Shinsegae's stock price fell more than 12%, from 306,500 KRW at the close on the 23rd, just before the Lunar New Year holiday last month, to 269,500 KRW at the close on the 28th.

Hotel Shilla's stock price also dropped more than 10% during the same period, from 97,000 KRW to 87,000 KRW. However, on this day, it rose more than 5%, returning to the level before the sharp decline caused by the COVID-19 crisis.

Seosangyoung, a researcher at Kiwoom Securities, analyzed, "Following Chinese media reports that COVID-19 related drugs have entered clinical trials in China, domestic consumption-related stocks in China are currently showing strength."