110405 ‘Mr.Taxi’ drives SM stocks uphill

    Jessica Jung (제시카)

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    110405 ‘Mr.Taxi’ drives SM stocks uphill

    Post by Jessica Jung (제시카) on 2011-04-06, 03:04

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    After the massive earthquake in Japan, the price of SM’s share was on a downward trend. However, since the past 2 days, it has been gaining back some tremendous momentum.

    On April 5th, SM’s stock, rose by 6.35% (1,150won) and closed at 19,250 won. Today’s trading volume increased by almost twice, from 740,000 shares (yesterday) to 1.27 million shares.

    Massive influx of buyers was reported at Samsung Securities, Kiwoom Securities, Daewoo Securities, NH Investment Securities and other domestic securities.

    Due to the massive earthquake in Japan on March 11th and following concerns and speculations that Korean Wave may come to its end after the quake, SM’s shares plunged from 20,000 won per unit to 16,000 won per unit.

    However, as the month of April kicked off, SM’s shares showed some positive signs where it rose 4% yesterday and 6% today, closing near to 20,000 won. The recovery was mainly due to the recent announcement of the release of SNSD’s Japanese single ‘Mr. Taxi’.

    According to SM Japan, HMV and other music sites, SNSD’s 3rd Japanese Single ‘Mr.Taxi’ will make its entrance to the market on April 27th.

    Translated by: fanwonder/Taengfan@fanwonder.com

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