Shares of book publishers and book stores surged, Friday, a day after novelist Han Kang was awarded this year’s Nobel Prize in literature.
The author is the first Korean as well as the first Asian woman to win the Nobel Prize in literature, after she rose to international fame in 2016 when an English translation of “The Vegetarian” won the Man Booker International Prize.
Announced by the Swedish Academy, the award comes as fewer Koreans bother to read books and corresponding businesses struggle with sluggish sales.
Under the circumstances, the stock price of Yes24, a leading online book store in Korea, soared 29.81 percent or 1,465 won to close at 6,380 won on the secondary bourse Kosdaq, Friday.
The company marked its annual high, with a more than 10-fold increase in stock transactions compared to the daily average and the number of stocks 스포츠 traded reaching more than 240,000 at one point during trading hours.
The stock price of the online bookstore’s parent company, Hansae Yes24 Holdings, soared as well.
It climbed 30 percent or 1,350 won to close at 5,850 won, marking a yearly high after mostly hovering around 4,500 won since September.
“My deepest thanks to Han, for us being able to reap profits after all,” a Hansae Yes24 Holdings shareholder said.
Market observers speculated that Yes24 will be on a bullish run “for a while” noting that Koreans are flocking to buy Han’s works.
Publishing companies are expected to enjoy growth on the stock market, as many of them were categorized as “Nobel Prize in literature-themed stocks.”
Among them are Yerimdang and Millie Seojae, both listed on the Kosdaq.
Specialized in books for children and teenagers, Yerimdang advanced 29.79 percent or 645 won to close at 2,810 won.
A leading e-book platform in the country, Millie Seojae gained 23.63 percent or 3,570 won to end at 18,680 won.
Of the KOSPI-listed publishers, Samsung Publishing went up 14.24 percent or 2,100 won to 16,850 won.
“We anticipate a double-digit percent increase for ‘Nobel Prize in literature-themed stocks’ throughout early December,” an analyst said.
He noted that the award ceremony for the Nobel laureates will be held Dec. 10 and that promotional campaigns concerning Han will go on by then.
The analysts, however, warned that the sudden popularity of Nobel-themed stocks may end abruptly due to unexpected risks here and abroad.