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Owners of airline, travel and duty-free shops, such as Korean Air Hana Tour Hotel Shilla, which are considered the representative new victims of the coronavirus infection (Corona 19) (contact stocks), increased at once. This is thanks to the news last night that the Corona 19 vaccine being developed by the American pharmaceutical company Pfizer showed greater than expected efficacy. Non-face stocks like Naver Kakao, which have been winning as Corona 19 beneficiaries, fell together. As the launch of the COVID-19 vaccine looms, there is also the possibility that leading stocks in the stock market will be replaced by contactless stocks.
Hike more than 20% early
On the 10th, Korean Air finished at 24,250 won, an increase of 11.24%. Jeju Air (11.11%) and T’way Air (10.0%) also showed strong strength. Tax-free stocks such as Hotel Shilla (5.81%) and Shinsegae (5.56%) also increased, while Kangwon Land (3.72%), GKL (7.63%) and Paradise (6.9%) ) also increased. Hana Tour and Mode Tour also went up. These shares increased about 15-25% at the beginning of the market, but ended the operation reducing the increase by more than half.
The reason for the rebound is the higher probability of launching a vaccine. The day before, Pfizer, an American pharmaceutical company, announced that the COVID-19 vaccine in development had a prevention rate of more than 90%. Expectations have risen that business will normalize with the launch of the vaccine. According to the securities industry and foreign media, Pfizer and other drug companies plan to apply for emergency use of the vaccine to the US Food and Drug Administration (FDA) starting next month.
Individual net purchase KRW 1.5 trillion
Individual investors have netted 1.5 trillion won in the aviation, travel, and duty-free zones since early March, when Corona 19 ran into the day before news about the Pfizer vaccine. For this reason, there is a lot of interest in whether these contact stocks have risen in the short term or entered an uptrend period.
Experts agreed that the growing momentum for contact shares is not over. It is explained that there are still expectations for the actual use of the vaccine. This is because not only Pfizer, but also Modena and AstraZeneca, which are developing the Corona 19 vaccine, will announce the results of phase 3 clinical trials by the end of the year.
Yuanta Securities predicted that contact shares will continue to rise during the second and third quarters of next year. There is also a forecast that the stock price is likely to exceed its peak early in the year. This is because even if there is a possibility of a Corona 19 end, expectations for 2022 earnings are expected to be reflected in the share price.
Seung-hyun Kim, head of the investment strategy team at Yuanta Securities, said: “Since Corona 19, the market is in the order of Internet, games, healthcare (contactless economic defense) → semiconductors, displays, home appliances (contact economic sensitive) → automobiles, steel, banks (first stage of normalization). Progress has been made ”, he explained,“ there is only the last normalization, the recovery of contactism ”.
IBK Investment & Securities predicted that the momentum will not end, but will only be a technological rally. Approval for emergency use of the vaccines expected by the end of the year is said to provide further impetus. IBK Securities and Investment Research Director Jeong Yong-taek predicted: “If vaccine expectations are highly reflected this year, disappointing sales are likely next year.”
Untact is in decline
On this day, untact’s shares all fell at once. LG Chem (-4.36%), Naver (-5.03%), Kakao (-4.17%) and NCsoft (-5.57%) showed weaknesses side by side. Equities related to biological products such as Samsung Biologics (-1.18%) and Celltrion (-2.98%) also fell. However, it is an analysis that the growth of untactism is not over. This is because BBIG stocks (bio, battery, internet, games) continue to lead the fourth industrial revolution.
The head of the center, Jeong, said: “The adjustment of the uncontacted states will not be great.” Among them, green and green actions related to new agreements classified as biden-themed actions are expected to have the smallest decline. Economically sensitive stocks such as steel, banking and chemicals are expected to rise during the first quarter of next year. This is because the first half of next year is the period when the results, which have slumped due to Corona 19, will normalize compared to the same period last year.
Reporter Park Uimyung [email protected]
