[Asia Economy Reporter Oh Ju-yeon] Kakao and Naver (NAVER), which surged last month, are showing weak stock prices this month as selling pressure to realize profits has emerged.
As of 2:22 PM on the 3rd, Kakao was trading at 248,000 KRW, down 4.43% from the previous trading day. At this time, foreigners were net buyers of 500 million KRW, while institutions were net sellers of about 10.7 billion KRW.
NAVER, which reached a 52-week high of 246,000 KRW last month, was also trading at 225,500 KRW, down 3.63% from the previous trading day. Both foreigners and institutions turned to selling, offloading 14.5 billion KRW and 4.7 billion KRW respectively.
In contrast, the KOSPI recorded 2,142.66, up 2.66% from the previous trading day, continuing a strong upward trend. This is because semiconductor stocks such as Samsung Electronics and SK Hynix, as well as previously overlooked stocks, are rising.
Seo Sang-young, a researcher at Kiwoom Securities, analyzed, "As concerns over US-China trade friction ease, some large-cap stocks including semiconductors are driving the index up, compounded by program buying." He added, "However, the KOSDAQ and some untact-related stocks are showing weakness due to profit-taking selling pressure, which is a distinctive differentiation."
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