Lotte Shopping Rises More Than 5% Early in Session, Recovers KRW 120,000 Level [STOCK NOW]

[Financial News] Lotte Shopping rose more than 5% early in the session, recovering the KRW 120,000 level.
As of 9:24 a.m. on the 16th, Lotte Shopping was trading at KRW 121,900 on the Korea Exchange Main Board, up KRW 6,600, or 5.72%, from the previous trading day.
The stock opened at KRW 115,200, fell to KRW 114,500 during the session, then turned upward and climbed to KRW 122,000. It rebounded just one day after falling 3.43% the previous day.
The continued outlook for improved third-quarter earnings appears to have supported investor sentiment. KIWOOM Securities forecast that Lotte Shopping’s third-quarter operating profit would rise 31% year on year to KRW 170.5 billion.
The discount-store division is expected to show particularly strong improvement. Same-store sales growth at discount stores in the third quarter is projected at 17%, exceeding the previous forecast of 9%. Analysts said the positive factors could include a base effect from the exclusion of stores accepting livelihood recovery consumption coupons in the same period last year, indirect benefits from Homeplus store closures, and differences in the timing of Chuseok.
Park Sang-jun, a researcher at KIWOOM Securities, said, "An upward revision to domestic discount-store profit estimates is expected to partly offset a downward revision to domestic department-store profit estimates."

[email protected] Park Sang-jun Reporter