S.Korea's duty-free stores shares fall on move to issue new licences

Shinsegae

15/05/2019 02:15

** South Korean firms that operate duty-free stores in Seoul
fall as the government decides to issue additional licenses to
operate duty-free stores in Seoul
    ** Market reaction comes as investors worry about
intensifying competition among existing duty-free stores in
Seoul
    ** The finance ministry, on late Tuesday, announced to issue
three more licenses for major companies, whose sales of Seoul
stores in 2018 rose at least 200 billion won ($168.01 million)
from year earlier, to allow the operation of additional
duty-free stores in Seoul
    ** Hotel Shilla Co Ltd  008770.KS  and Shinsegae Inc
 004170.KS  drop as much as 8.3% and 7.6%, respectively
    ** Broader market  .KS11  up 0.3% as of 0045 GMT

($1 = 1,190.4300 won)

 ((Reuters Messaging: joori.roh.thomsonreuters.com@reuters.net))