Dongyang Express and Chunil Express are experiencing significant gains as expectations rise for the redevelopment of the Seoul Bus Terminal.
According to the Korea Exchange, as of 2:16 PM on June 4, Dongyang Express shares rose by 4,700 won (12.08%) to 43,600 won. Chunil Express saw an increase of 12,500 won (5.75%), trading at 230,000 won.
Both stocks reached their daily ceiling prices early in the trading session, with Dongyang Express hitting the limit at 9:04 AM and Chunil Express at 9:06 AM, although they later retraced some of their gains.
Market analysts attribute the surge to heightened expectations surrounding the redevelopment project, coinciding with the ongoing vote counting for the Seoul mayoral election.
Chunil Express holds a 16.67% stake in the Seoul Bus Terminal, making it the second-largest shareholder, while Dongyang Express owns 0.17%. This has led to optimism that both companies could benefit significantly if the redevelopment project moves forward.
Previously, on June 2, both stocks also reached their ceiling prices amid similar redevelopment expectations ahead of the local elections.
Shinsegae, which owns a department store at the bus terminal, has also rebounded from a recent decline, showing three consecutive days of gains. Shinsegae shares increased by 90,000 won (15.82%) to 659,000 won compared to the previous session.
* This article has been translated by AI.
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