[Featured Stock] KeyEast Rises 18% on Subsidiary Sale Rumors... SM Falls 1.7%

[Asia Economy Reporter Lee Jung-yoon] SM Entertainment (SM) saw a sharp rise in KeyEast's stock price following news that it is considering the sale of its non-music subsidiaries.

As of 9:48 a.m. on the 17th, KeyEast was trading at 11,270 won, up 18.51% (1,760 won) from the previous day. At the same time, SM recorded 129,700 won, down 1.67% (2,200 won).

Some media outlets reported that SM is pushing to sell non-music subsidiaries such as DearU to counter Hive's public tender offer, but SM denied these reports.

In a clarification announcement yesterday, SM stated, "We are reviewing the sale of non-core assets, which was one of the announcements made on the 20th of last month, but no decisions have been made yet. However, DearU, one of the assets mentioned as a potential sale target, is currently not under review."

As of 9:50 a.m. on the same day, DearU was trading at 49,850 won, down 2.06% (1,050 won).