[Market Focus] Dongyang Express Hits Upper Price Limit for 8 Consecutive Sessions on 'Express Bus Terminal Redevelopment' News

Dongyang Express is hitting the daily upper price limit for the eighth consecutive trading session on the domestic stock market on December 16, boosted by positive news regarding the redevelopment of the Seoul Express Bus Terminal.

As of 9:20 a.m. that day, Dongyang Express was trading at 1,028,000 won per share, up 29.96% from the previous session. If this trend continues until the market closes, the company will have reached the daily upper price limit for eight consecutive trading sessions, excluding days when trading was suspended due to being designated as an investment warning or high-risk stock.

The main driver behind Dongyang Express's stock rally is growing anticipation surrounding the mixed-use redevelopment of the Seoul Express Bus Terminal site in Seocho District. In relation to this, the Seoul Metropolitan Government announced at the end of last month that it had begun preliminary negotiations with Shinsegae Central City and Seoul Express Bus Terminal.

As a result, Dongyang Express, which owns a 0.17% stake in Seoul Express Bus Terminal, has been highlighted as a beneficiary of the redevelopment along with Cheonil Express, attracting strong buying interest. Since its completion in 1976, the Seoul Express Bus Terminal has faced ongoing calls for redevelopment due to the aging of its buildings.

On the same day, Cheonil Express showed a gain of around 5%. Cheonil Express, which holds a 16.67% stake in Seoul Express Bus Terminal, had previously hit the daily upper price limit for nine consecutive trading sessions as of December 3.