Shares of Korean entertainment company Big Hit Entertainment created a big wave on the listing date


Shares of Korean entertainment company Big Hit Entertainment created a big wave on the listing date

The red color covered the Asia-Pacific stock market in the morning session of October 15, while shares of Korean entertainment company Big Hit Entertainment soared on the listing day.

South Korea’s Kospi decreased by 0.7% in the morning session of October 15. Photo: AFP

According to estimates by Refinitiv Eikon, shares of Big Hit Entertainment Company in Korea have an opening price of 270,000 won (equivalent to 236 USD) / share, nearly double the issue price of 135,000 won. Shares of Big Hit Entertainment, the unit that manages K-pop stars BTS, then continued to soar and hit a 120% increase over the issue price.

However, shares of other entertainment companies in Korea declined. Shares of YG Entertainment plunged 7.79%, while shares of JYP Entertainment and SM Entertainment fell 5.98% and 6%, respectively.

Earlier this month, Korean retail investors have ordered more than $ 50 billion of Big Hit Entertainment shares, 600 times more than the value of this stock offered for the first time to the public. The move comes after Big Hit Entertainment valued its shares at the highest price threshold in late September.

Meanwhile, the Korean market this morning was red with the Kospi index lost 0.7%. In Japan, the Nikkei 225 index fell 0.46% and the Topix index slipped 0.47% close.

On the contrary, mainland Chinese stocks inched slightly this morning, with the Shanghai Composite up 0.096 percent while Shenzhen Component slipped more than 0.1 percent. On the Hong Kong market, the Hang Seng Index decreased by 0.72%.

Green was also maintained on the Australian stock market with the S & P / ASX 200 up 0.58%. Overall, the MSCI Asia-Pacific Index (excluding Japan) fell 0.48%.

In the US, the deadlock in negotiating the new economic stimulus package of Covid-19 period continued to last, pushing US stocks into the red color. The Dow Jones industrial average lost 165.81 points, or 0.6%, to 28,514 points. The S&P 500 Index closed 0.7 percent lower to 3,488.67 points, while the Nasdaq Composite slipped 0.8 percent more to 11,768.73 points.

Economic news from Australia and China attracts the attention of investors. Australian Bureau of Statistics today 15/10 estimated, Australia’s unemployment rate in September increased to 6.9%.

According to China National Bureau of Statistics, cCPI of this country in September 1.7% increase over the same period last year. Earlier, economists forecasted to Reuters that China’s CPI would rise 1.8% in September. Meanwhile, China’s producer price index (PPI) in September decreased by 2.1. % over the same period last year, higher than the 1.8% decrease forecasted by experts.

On money markets, the US dollar index against other major currencies slipped to 93,432, from 93.6. The Japanese Yen strengthened and converted 105.22 JPY / USD, compared to 105.3 JPY / USD, while the Australian dollar slid slightly and exchanged 1 AUD for 0.7138 USD.

Design by NewsLax