[Market Highlight] Hyundai Department Store Rises for 8 Consecutive Days...Hits Record High

Hyundai Department Store continued its upward trend for the eighth consecutive day, reaching a new 52-week intraday high.

As of 9:46 a.m. on September 18, Hyundai Department Store was trading at 87,600 won on the Korea Exchange, up 3,100 won (3.67%) from the previous day. The stock climbed as high as 88,600 won during the session, setting a new 52-week high.

It is believed that expectations for strong earnings and shareholder returns are driving the rally. Yoo Jeonghyun, a researcher at Daishin Securities, stated, "Sales in the domestic fashion category at department stores, which serve as a barometer for domestic consumption, have been recovering since July. After negative growth rates in the first and second quarters, we expect mid-single-digit growth in the third quarter." He added, "Overall, same-store sales growth at department stores also showed mid-single-digit growth in July and August, indicating that the supplementary budget implemented by the new government is contributing to improved performance in the department store sector." He further noted, "In addition to the balanced improvement across the business portfolio, efforts to enhance shareholder value are also being reflected in the stock price."

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