Binggrae SBI Investment shares on upward trend

[Courtesy of Binggrae Co.]

South Korean food and beverage company Binggrae Co. saw its shares hit a 52-week high in early trading on Monday due to the unseasonably hot weather.

Binggrae shares were trading at 103,000 won ($74.65) as of 9:32 a.m. on Monday, up 14.32 percent from the previous trading day. It hit a new 52-week high of 103,200 won, or was up 14.54 percent, at one point during the session.

According to the Korea Meteorological Administration (KMA), daytime highs across the country are expected to range from 25 to 33 degrees Celsius on Monday, with the mercury in most areas topping 30 degrees Celsius.

Some parts of Yeongnam, including inland Gyeongsang Province, could see perceived temperatures above 33 degrees Celsius, which could potentially trigger the first heatwave advisory of the summer.

The KMA said earlier in its three-month outlook that there is a 50 percent chance that temperatures in June and August 2024 will be higher than average.

As the country braces for high temperatures, this is expected to boost ice cream companies’ performance.

Shares of Lotte Wellfood Co., a fellow Korean company classified under ‘ice cream stocks,’ were also up 8.07 percent to 171,400 won and hit a 52-week high of 172,400 won at one point during the session.

For its part, SBI Investment Co. saw its stock price surge by nearly 20 percent following foreign news reports that travel platform company Yanolja Co. is seeking to list on the U.S. stock market. SBI Investment has invested approximately 16 billion won in Yanolja.

SBI Investment shares were trading at 1,118 won as of 9:30 a.m., up 185 won or 19.83 percent from the previous day.

The stock started the day at 1,026 won, up 9.97 percent, before hitting 1,170 won, or a 25.40 percent increase, at one point during the session.

Bloomberg News reported on Friday that Yanolja is working on a plan to list on the U.S. stock market as early as July 2024 to raise $400 million.

Yanolja aims to hit a valuation of approximately $7 to $9 billion via the initial public offering (IPO), according to sources. Goldman Sachs and Morgan Stanley will reportedly serve as the lead underwriters.