Hyundai Department Store reached a 52-week high early in the trading session but reversed course in the afternoon as profit-taking emerged.
According to the Korea Exchange, as of 2:04 PM, Hyundai Department Store's stock was trading at 206,000 won, down 1,000 won (0.48%) from the previous trading day. The stock had briefly surged to 222,000 won, setting a new 52-week high, before giving back those gains.
Despite this pullback, the recent trend in stock prices has been strong. Hyundai Department Store has recorded gains on 11 out of 12 trading days this month, excluding one day on the 12th.
The rise in stock prices is attributed to expectations of increased consumer spending due to a surge in foreign tourists visiting South Korea. The Korea Tourism Organization reported that foreign tourists' credit card spending in South Korea reached 2.1222 trillion won last month, surpassing 2 trillion won for the first time. This figure represents a 67.1% increase compared to the same month last year.
Analysts are also focusing on the improving performance of department stores. Yu Jeong-hyun, a researcher at Daishin Securities, noted, "The number of foreign tourists visiting South Korea has reached record levels," adding that over 2 million foreign visitors entered the country in both March and April, marking the highest monthly figures ever recorded.
He further stated, "The spread of K-culture and the weakening of the won are likely to sustain the trend of increased foreign consumer spending for the time being," indicating that expectations for improved performance in the retail sector, including duty-free shops and department stores, are growing.
* This article has been translated by AI.
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