[Asia Economy Reporter Park Jihwan] On the morning of the 4th, SK Telecom's stock price is showing strength. The news of canceling treasury shares worth 2.6 trillion won appears to have acted as a positive factor. A company's decision to cancel treasury shares is considered favorable in the market because it reduces the number of circulating shares, thereby increasing the value of shares held by existing shareholders.
As of 10:18 AM on the same day, SK Telecom's stock price was 309,500 won, up 5,500 won (1.81%) compared to the previous trading day. During the session, the stock price reached 322,000 won, setting a new 52-week high.
Before the market opened, SK Telecom announced that it would cancel 8.69 million treasury shares. Based on the previous day's closing price, this amounts to approximately 2.6 trillion won. The scheduled cancellation date is the 6th of this month. This corresponds to 10.8% of the total issued shares.
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