Dongyang Express (084670) and Cheonil Express (000650) extended their gains for a third consecutive session as expectations grew over the redevelopment of the Seoul Express Bus Terminal.
According to the Korea Exchange, as of around 2:27 p.m. Thursday, Dongyang Express was trading at 69,900 won, up 13,700 won, or 24.38%, from the previous session, while Cheonil Express was at 353,500 won, up 58,500 won, or 19.83%.
Cheonil Express closed at the daily upper limit on both Tuesday and Wednesday, and surged as much as 27.63% in early trading Thursday. Dongyang Express also hit the daily upper limit early in the session before paring some of its gains.
Investor expectations are mounting as the redevelopment of the express bus terminal has emerged as one of the key issues ahead of the June 3 local elections, which include the Seoul mayoral race.
Cheonil Express is the second-largest shareholder of the Seoul Express Bus Terminal with a 16.67% stake, while Dongyang Express holds a 0.17% stake. The market expects both companies to benefit from the redevelopment.
