[Featured Stock] Seo Hoon-Yang Jiechi Meeting Ends, Cosmetic Stocks Fall as Upward Momentum Disappears

[Asia Economy Reporter Oh Ju-yeon] Domestic cosmetics-related stocks, which briefly rose on news of the first visit by a high-ranking Chinese official to Korea since the COVID-19 pandemic, fell again on the 22nd after the meeting between Suh Hoon, Director of the National Security Office, and Yang Jiechi, member of the Political Bureau of the Chinese Communist Party in charge of foreign affairs, ended and the positive momentum disappeared.

According to the Korea Exchange on the 24th, It’s Hanbul was trading at 29,700 KRW as of 9:20 AM, down 9.34% from the previous trading day. It’s Hanbul had surged 24.27% on the 19th amid expectations for Yang Jiechi’s visit, rising sharply from a closing price of 29,950 KRW on the 13th to 36,350 KRW on the 19th. However, as the upward momentum faded, the stock gave back all gains attributed to the "Yang Jiechi effect." The price fell back to the pre-rise level in the 29,000 KRW range.

Tonymoly also traded down 6.51% to 9,910 KRW compared to the previous day, while Hankook Cosmetics fell 5.07% and Hankook Cosmetics Manufacturing dropped 7.13%.

Amorepacific was also on a downward trend, trading at 170,000 KRW, down 2.30% from the previous day.

On the other hand, LG Household & Health Care rose 0.19% to 1,566,000 KRW compared to the previous trading day.