The Billboard Global Music Index fell 1.9% but outperformed the S&P 500, Nasdaq composite and South Korea’s KOSPI composite index.
A week ago, YG Entertainment’s share price was up 80.8% year to date and was outpacing its K-pop competitors. Following the BLACKPINK news, shares of YG Entertainment fell to 130,300 KRW , dropping its year-to-date gain to 51.4%. That put YG Entertainment below SM Entertainment’s 69.9% year-to-date gain and JYP Entertainment’s 55.6% improvement.
Music stocks outperformed some major indexes, though. In the United States, the S&P 500 dropped 2.4% to 4,345.64 and the Nasdaq composite fell 3.6% to 13,211.81. Overseas, the United Kingdom’s FTSE 100 fell 0.4% to 7,683.91 while South Korea’s KOSPI composite index declined 3.6% to 2,508.13.
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