Share prices of Korean ramen companies like Nongshim, Samyang Foods, and Ottogi are on the rise, as exports of Korean instant noodles hit new highs last month.
Notably, foreign and institutional investors are demonstrating strong interest, according to analysts.
Nongshim shares closed at 306,000 won ($252) apiece on Monday, up 2.68 percent from the previous session. The figure indicates a 9.42 percent rise in only half a month since its price stood at 281,000 won on Mar. 15. Institutional investors have showed a strong presence, net-buying Nongshim shares for five trading sessions in a row since last Tuesday.
Samyang also saw its share price rise by 3.06 percent, closing at 100,100 won on Monday. Institutional investors bought Samyang shares worth a whopping 14.79 billion won for five consecutive days. Foreigners also poured in 2.13 billion won last Friday.
Ottogi shares closed at 459,000 won on Monday, recording a 3.26 percent rise from the previous session, and a 9.80 percent increase from the Mar. 15 session.
According to Daishin Securities, exports of the instant noodles reached 86.2 billion won last month, logging a 30 percent year-on-year growth in exports. By country, exports to China and Thailand saw a notable improvement, each marking a 73 percent and 51 percent increase compared to last year.
By Ahn Ju-hee (email@example.com)