Workers are busy at a construction site near the Eiffel Tower in Paris, July 18. Korea Times photo by Shim Hyun-chul

Despite the grand opening of the Paris 2024 Olympics being just a day away, stock prices of companies traditionally seen as beneficiaries of the event remain stagnant.

Market observers note that the impact of the Olympics has been gradually diminishing, but this year is particularly quiet. The seven-hour time difference and the Korean team's failure to qualify for some of the more popular events have further dampened public interest here.

As of Thursday, the stock prices of Cheil Worldwide and Innocean, the two major advertising agencies in Korea, dropped 5.19 percent and 8.36 percent, respectively, this month alone.

Ad agencies typically experience a peak business season during this period, with many companies running advertisements and concentrating on corporate sponsorship activities. However, both companies recorded their peak in May and have been on a downward trend since.

Another traditional beneficiary of the Olympics, broadcasting companies, also remain lukewarm.

SBS, the only listed broadcasting company, saw its stock price drop by 6.56 percent in July. This starkly contrasts with the previous Olympics held in Tokyo in 2022. As the pandemic propelled people to watch the Olympics from home, SBS shares jumped over 10 percent during the event.

Internet platforms are not faring any better. Afreeca TV, the only platform holding broadcasting rights for 32 disciplines at the Olympics, is encountering a lack of interest. This month, the stock price of its operator, SOOP, decreased by 11.61 percent.

The most impacted industry might be food and beverage, including Koreans' favorite sports-time snacks fried chicken and alcohol. With the Olympics taking place in Paris, the seven-hour time difference means that most major events will occur early in the morning or late at night, dragging down demand.

During the Tokyo Olympics, sales of Kyochon F&B, a fried chicken brand, surged by 21 percent, pushing up stock prices. However, this month, its stock price has dropped by 6.25 percent.

HiteJinro, a brewery that hoped for a third-quarter performance boost from the Olympics, has also seen its stock fall by 3.6 percent over the same period. Despite launching Terra Light, a new sugar-free, low-calorie beer in July, its stock has not benefitted from the anticipated Olympic effect.

It is thought that the fluctuations in interest rates around the world and the upcoming U.S. presidential election are bigger external factors than the Olympics.

"The key drivers expected to influence the stock market in the second half of this year are Trump trading and interest rate cuts," Hi Investment & Securities analyst Lee Woong-chan said. "For portfolio strategy, it is recommended to shift towards sectors that benefit from Trump policies and interest rate cuts, such as defense, shipbuilding, construction and biosimilars."

The opening ceremony of the Paris 2024 Olympics starts this Saturday at 2:30 a.m. (KST), featuring 15,000 athletes from 206 countries. Korea has sent 143 athletes to compete in 22 sports.