[Alpha Biz=(Chicago) Reporter Kim Jisun] Entertainment stocks fell sharply on the 26th amid the spread of drug scandals in the entertainment industry.
According to the Korea Exchange, HYBE closed at 204,000 won on the stock market on the 26th, down 24,500 won (-10.72%) from the previous trading day.
In addition, major entertainment stocks such as YG Entertainment (-7.89%), JYP Entertainment (-6.17%), and SM (-5.14%) also weakened.
Actor Lee Sun-kyun was previously booked on charges of taking drugs on the 23rd and threw a shockwave. On top of that, it has been reported that G-Dragon (Kwon Ji-yong), a former member of the idol group Big Bang, has also been booked on charges of violating the Drug Control Act and is under investigation. With the news that the number of celebrities under investigation has increased to 10, entertainment stocks appear to have been dragged down.
Incheon police are currently investigating a total of 10 people in connection with drug use cases by famous celebrities and others.
In the case of YG Entertainment, growing uncertainties have also put a burden on stock prices as it has yet to be decided whether to renew the contract of its group, BLACKPINK.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
