[Alpha Biz= Paul Lee] Seoul – Shares of CJ ENM (KOSDAQ: 035760) weakened on September 8 after director Park Chan-wook’s new film No Other Choice failed to win an award at the Venice International Film Festival.



The stock closed at KRW 71,800, down 2.45% from the previous session. In early trading, CJ ENM plunged as much as 6.11% to KRW 69,100 before recovering part of the loss on bargain buying. Institutional investors were net sellers, offloading around KRW 1.7 billion (USD 1.2 million) worth of shares.



At the festival, held over the weekend on Venice’s Lido Island, the Golden Lion, the top prize, went to U.S. director Jim Jarmusch for his film Father Mother Sister Brother.



Park’s No Other Choice had generated strong anticipation after being selected for the competition section and receiving critical acclaim. However, disappointment over the missed award fueled selling pressure in CJ ENM shares, as the company had supported the production.

 

 

 

 

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