KT&G's Stock Surges Nearly 2% on Strong US Dollar

KT&G's Stock Surges Nearly 2% on Strong US Dollar
KT&G rises nearly 2% due to a stronger dollar, with Kiwoom Securities upgrading their target price.

KT&G saw a nearly 2% surge, seeming to be influenced by the strong performance of the US dollar.

KT&G's Stock Surges Nearly 2% on Strong US Dollar
As of the afternoon of the 20th, the trading price of KT&G is 85,900 Korean won, up 1.90% (1,600 Korean won) from the previous day. Image source: KT&G.

As of the afternoon of the 20th, the trading price of KT&G stood at 85,900 Korean won, reflecting a 1.90% (1,600 Korean won) increase compared to the previous day. KT&G had also experienced a 0.71% rise the day before.

KT&G's Stock Surges Nearly 2% on Strong US Dollar

Kiwoom Securities has named KT&G as a "beneficiary of a stronger dollar" and maintained a "buy" rating, while also raising its target price from 103,000 Korean won to 110,000 Korean won.

A securities analyst at Kiwoom stated, "KT&G is expected to exceed market expectations with a third-quarter operating profit of 418 billion Korean won." This is attributed to increased domestic tobacco sales, recovering demand, and higher prices leading to increased earnings for the company.

Statement: In light of recent events, we would like to make a formal statement regarding the matter at hand. The information presented is as follows: First and foremost, we would like to express our deepest condolences to the victims and their families affected by this tragic incident. Our thoughts and prayers are with them during this difficult time. We want to emphasize that we condemn any acts of violence or harm done to individuals or communities. Such actions have no place in our society and go against the values we uphold. We assure the public that we are fully committed to cooperating with the authorities in their ongoing investigation. We are providing them with all the necessary information and assistance to ensure that those responsible are held accountable to the fullest extent of the law. We also want to address any concerns regarding safety and security. We are taking this matter seriously and have implemented additional measures to ensure the well-being of our staff, customers, and the general public. Lastly, we want to express our gratitude to the law enforcement agencies, emergency services, and all those involved in responding to the incident. Their bravery, dedication, and professionalism are commendable. We will continue to monitor the situation closely and provide updates as necessary. The welfare and safety of all involved remain our top priority.

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