SINGAPORE — Stocks in Asia-Pacific traded mixed in Thursday morning trade, as investors watched the market debut of K-pop superstars BTS’ label, Big Hit Entertainment.
Big Hit Entertainment’s IPO in South Korea opened at 270,000 Korean won (approx. $236) per share, according to Refinitiv Eikon. That’s double the stock’s issue price of 135,000 Korean won apiece. Shares later extended gains and were last trading more than 120% higher from their issue price.
Other South Korea entertainment firms stocks, however, saw declines: YG Entertainment fell 7.17%, JYP Entertainment slipped 6.12% and SM Entertainment shed 4.39%.
Reuters reported earlier this month that South Korean retail investors have bid over $50 billion — more than 600 times the value of shares on offer — to get their hands on Big Hit Entertainment shares. That came after Big Hit Entertainment in late September priced its stock at the top end of the range.
Meanwhile, shares in Australia edged higher, with the S&P/ASX 200 gaining 0.8%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.07% lower.
Overnight stateside, stocks fell for a second day as a stalemate in coronavirus stimulus talks dragged on. The Dow Jones Industrial Average slipped 165.81 points, or 0.6%, to close at 28,514. The S&P 500 finished its trading day 0.7% lower at 3,488.67 while the Nasdaq Composite slid 0.8% to close at11,768.73.