KUALA LUMPUR, Dec 8 — The stock price of YG Entertainment soared by 25.63 per cent in a single trading session on Wednesday following the announcement of the company’s success in renewing its contract with popular K-pop girl group Blackpink.
The company had announced on Wednesday morning that “it signed an exclusive contract for the group’s activities based on deep trust”, reported Korea Times.
Upon the announcement at about 9.30am local time, YG’s stock price immediately went up.
It ended the day at 60,300 won (RM215.30), or 25.63 per cent increase from the previous day’s trading.
Following the end of the quartet’s contract in August, YG Entertainment’s stock price had taken a downturn.
It fell below the 50,000 won mark earlier this week, finishing at 48,000 won in the session.
It hit an all-time high of 97,000 won in May.
Besides YG Entertainment’s stock, the stock price of YG PLUS, a subsidiary firm of YG Entertainment focusing on intellectual property (IP) rights, also shot up by 23.81 per cent in Wednesday’s session.
In a related development, YG said it was still negotiating over the group members’ individual activities.