[Special Stock] Expectation of Grain Price Increase Due to Additional Sanctions on Russia... Sinsong Food 'Up'

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] Shinsong Holdings surged to the upper price limit during the trading session on the 6th following news of additional international sanctions against Russia.

Shinsong Holdings was trading at 8,900 KRW at 9:39 AM, up 29.93% (2,050 KRW) compared to the previous day.

The disclosure of evidence of civilian massacres by Russian forces in Ukraine has led to expectations that additional international sanctions on Russia will drive up grain prices, which appears to have boosted the stock price.

The company also hit the upper price limit last month amid forecasts that global grain production would decline due to Russia's invasion of Ukraine.

Meanwhile, The Wall Street Journal reported that the United States is expected to announce sanctions freezing overseas assets of some major Russian banks, including VTB. The European Union announced the day before that it plans to propose to the parliament a ban on imports of Russian coal.

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