[Featured Stock] Hyundai Glovis Up 6% on Allowance of Large Corporations Entering Used Car Retail Market

[Image source=Yonhap News]

[Asia Economy Reporter Minji Lee] Hyundai Glovis is showing an upward trend following the decision of large corporations to enter the used car retail market.

At 10:01 AM on the 18th, Hyundai Glovis was traded at 181,000 KRW, up 6.78% from the previous trading day. The day before, the Small and Medium Venture Business Department's Committee on Suitable Industries for Livelihood decided to allow large corporations to enter the used car retail market, which is analyzed to have been reflected in the stock price with expectations of benefiting from this decision.

Currently, Hyundai Glovis operates the online used car brokerage platform called Autovel. If consumer perception of used cars improves due to Hyundai Motor Group's entry into the used car market, it is expected to benefit from the activation of the domestic online used car market.

Seongjin Kang, a researcher at KB Securities, said, "Although there is no confirmation regarding Hyundai Glovis's entry into the retail business, there is a possibility of entering the domestic retail market by utilizing the capabilities of the retail used car business already operated overseas."