Stocks up as seasoned seaweed prices rise

[Photo by Yonhap]

Korean stocks such as CJ Seafood Corp. and Sajo Seafood Co. surged in early trading on Friday, buoyed by the news of a price hike for seasoned seaweed.

CJ Seafood shares traded at 4,920 won ($3.59) as of 9:35 a.m. on Friday, up 765 won, or 18.41 percent, from the previous day, while those of Sajo Seafood went up 600 won, or 14.18 percent, to trade at 4,830 won.

It was reported earlier in the day that Dongwon F&B Co. will raise its price of seasoned seaweed by an average of 10 percent from June 2024 onwards in response to a surge in seaweed prices.

CJ CheilJedang Corp. increased its seaweed prices by 11 to 30 percent, with companies including Kwangcheon Kim Co., Daechungim, and Sung Gyung Food Co. also hiking prices for their products.

The recent increase in demand for Korean seaweed exports due to poor harvests in Japan and China has led to a significant increase in seaweed prices.