By Jhoo Dong-chan
Company stocks related to the 2018 FIFA World Cup Russia have been unable to gain momentum even though the sports event, one of the largest in the world, is now less than 10 days away. Stocks of advertising, broadcasting, communication and restaurant firms are included in the "World Cup shares."
According to the Korea Exchange, Monday, stock prices of companies related to the World Cup have stagnated over the last two weeks. Stock prices of some companies even declined during the period.
The share price of Innocean, one of the nation's largest advertising companies, was 67,400 won ($ 63.39) per share Monday, down by 500 won from its May 21 price of 67,900 won.
Innocean was expected to gain momentum in its stock price since its parent firm and major client Hyundai Motor is an official sponsoring company of FIFA, but it fell short of expectations.
Another major advertising firm Cheil Worldwide has also failed to see its stock price rise.
The stock price of SBS, one of the broadcasting companies with exclusive rights to televise the World Cup, was 24,350 won Monday, down nearly 5 percent from its May 21 price of 25,500 won.
"People are not interested in the World Cup anymore as they were in 2002," said a Nomura Securities official.
"There are other social issues clouding the World Cup shares such as the upcoming local elections and the summit between the U.S. and North Korea. Team Korea's disappointing performances could be another reason."
The share price of alcoholic beverage firm Hite Jinro also fell 2 percent to 20,350 won in the period.
Of the World Cup shares, internet-based broadcasting platform Afreeca TV is the only firm that gained momentum in as it surged 27.39 percent to 49,650 won during the two-week period. Afreeca TV said it will broadcast all World Cup matches via its platform.
A Daishin Securities official said the World Cup effect has yet to reach the market.
"Some broadcasting companies invested a great deal of money in the last World Cup, but failed to gain returns," said the official.
"Attention will be there when the World Cup starts on June 14. If the Korean national football team shows an exceptional performance at the event, shares related to the World Cup will gain momentum."
Company stocks related to the 2018 FIFA World Cup Russia have been unable to gain momentum even though the sports event, one of the largest in the world, is now less than 10 days away. Stocks of advertising, broadcasting, communication and restaurant firms are included in the "World Cup shares."
According to the Korea Exchange, Monday, stock prices of companies related to the World Cup have stagnated over the last two weeks. Stock prices of some companies even declined during the period.
The share price of Innocean, one of the nation's largest advertising companies, was 67,400 won ($ 63.39) per share Monday, down by 500 won from its May 21 price of 67,900 won.
Innocean was expected to gain momentum in its stock price since its parent firm and major client Hyundai Motor is an official sponsoring company of FIFA, but it fell short of expectations.
Another major advertising firm Cheil Worldwide has also failed to see its stock price rise.
The stock price of SBS, one of the broadcasting companies with exclusive rights to televise the World Cup, was 24,350 won Monday, down nearly 5 percent from its May 21 price of 25,500 won.
"People are not interested in the World Cup anymore as they were in 2002," said a Nomura Securities official.
"There are other social issues clouding the World Cup shares such as the upcoming local elections and the summit between the U.S. and North Korea. Team Korea's disappointing performances could be another reason."
The share price of alcoholic beverage firm Hite Jinro also fell 2 percent to 20,350 won in the period.
Of the World Cup shares, internet-based broadcasting platform Afreeca TV is the only firm that gained momentum in as it surged 27.39 percent to 49,650 won during the two-week period. Afreeca TV said it will broadcast all World Cup matches via its platform.
A Daishin Securities official said the World Cup effect has yet to reach the market.
"Some broadcasting companies invested a great deal of money in the last World Cup, but failed to gain returns," said the official.
"Attention will be there when the World Cup starts on June 14. If the Korean national football team shows an exceptional performance at the event, shares related to the World Cup will gain momentum."
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