[Featured Stocks] SK Discovery and SK Chemicals Hit Upper Limit on SK Bioscience Optimism

[Asia Economy Reporter Minwoo Lee] SK Discovery and SK Chemicals stocks are on the rise. This appears to reflect expectations for contract manufacturing of the novel coronavirus disease (COVID-19) vaccine by their subsidiary SK Bioscience.

As of 2:28 PM on the 10th, SK Discovery's stock price rose to the maximum price limit (29.98%) compared to the previous session, reaching 67,200 KRW. SK Discovery preferred shares also traded at 235,000 KRW, up 25% from the previous session. At the same time, SK Chemicals showed strength, reaching 414,500 KRW, up 22.27% from the previous session.

The optimism is believed to be driven by expectations for COVID-19 vaccine development by affiliate SK Bioscience. SK Bioscience is a subsidiary in which SK Chemicals holds a 98% stake. SK Discovery holds a 33% stake in SK Chemicals.