With the FIFA World Cup just around the corner, stocks related to chicken are performing strongly on the Korean stock market in anticipation of a surge in demand.
As of 2 p.m. Friday, Kyochon F&B shares were trading at around 12,600 won apiece on the main Kospi bourse, up 2 percent from the previous close. That is nearly 27 percent higher from a month ago.
The operator of Kyochon, one of the most popular chicken brands in South Korea, has mounted a strong rally since Oct. 13 when it dipped to a 52-week low of 9,290 won.
 |
(Visit Korea) |
Shares of Maniker, a local chicken producer, and its Kosdaq-traded affiliate Maniker F&G moved similarly, rising sharply in November after a bearish October.
Chicken stocks getting a World Cup boost is hardly a surprise, as many sports fans in Korea enjoy “chimac” -- a combination of chicken and beer -- while watching sports.
It was reported that in the week that the first two games of the national team during FIFA World Cup Russia 2018 took place, Kyochon saw a sales bump of nearly 60 percent compared to the week before.
Chimac is only a part of the sales boom the upcoming tournament is expected to bring.
CU and GS25, one of the largest convenience store chains in the country, is among those seeking to capitalize on this through marketing.
CU snagged Son Heung-min, the captain of the national team and last year's joint top scorer in the English Premier League, as the face of its World Cup-themed promotions, while GS25 inked a license deal with Son's club team, Tottenham Hotspur.
