HYBE reported rising stock prices after clearing up BTS’s disbanding rumors, reported rising stock prices

All 4 major companies, including SM, JYP, YG and HYBE reported rising stock prices.

On June 16th, stock prices of all 4 major entertainment agencies reported notable surges. Among them, HYBE, which just lost almost 2 trillion won (1.5 billion USD) following BTS’s disbandment rumors, also improved.

According to securities exchange operator Korea Exchange, stock price for HYBE closed at 148,000 won, up 2.07% from the previous trading day. SM, JYP, and YG Entertainment also closed with respective surges of 4.02%, 0.92%, and 0.92% day-on-day. SM reported the highest climb among 4 major companies.

As of the morning, stock indexes KOSPI started at 2,481.66, up 34.28 points (1.4%) from the previous day. Meanwhile, stock trading board KOSDAQ started at 812.95, up 13.54 points (1.69%) day-on-day. The Korean entertainment industry stocks in general experience an upward trend, alluding to stability.

Previously, HYBE’s stock price has fallen significantly due to the rise in the consumer price index and the shock of hikes in interest rates. This plummet can also be credited to BTS members suddenly declaring a temporary break from group activities on June 15th. The shocking announcement led to HYBE’s stock price closing at 145,000 won, down 24.87% from the previous day. As a result, the company lost almost 2 trillion won (1.5 billion USD) within one day.

However, on the afternoon of the same day, it became known that CEO Park Ji-won sent an e-mail to all Hybe employees stating that “disbandment is not considered at all”, and BTS leader RM also completely refuted the disbandment rumor, saying, “The team will be forever.” They are looking for stability.

Cube Entertainment and RBW also closed at 5.02% and 4.38%, respectively, up from the previous day. However, FNC Entertainment closed at 5,910 won, down 2.15 percent from the previous day.

Source: Daum