[Featured Stock] SM Surges on Establishment of Saudi Subsidiary
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[Asia Economy Reporter Ji Yeon-jin] SM is showing a sharp rise during trading on the 23rd. Recently, stocks related to Saudi Arabia's NEOM City have been receiving the most attention in the stock market, and SM is attracting buying interest as it is known to be entering Saudi Arabia.
As of 11:30 AM on the same day, SM is trading at 76,500 KRW on the KOSDAQ market, up 4.36% from the previous day. Foreign investors have been net buyers for seven consecutive days, driving the stock price up.
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The expectation of a second Middle East boom appears to be reflected due to SM's announcement recruiting a manager for business planning in Saudi Arabia. The recruitment notice states that the role involves tasks related to establishing a corporation in the Middle East region and preparing various matters for performances and content filming in the Middle East.
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