[Featured Stock] Kakao Rises 4% on News of Acquiring SM Shares... Hits 52-Week High

[Asia Economy Reporter Ji Yeon-jin] Kakao showed strong performance and reached a 52-week high on the 18th following news that it will acquire shares of SM Entertainment. Since the 14th of this month, Kakao has been on a rapid rise, surpassing Naver to become the third largest company by market capitalization.

As of 10:10 AM on the day, Kakao was trading at 155,000 KRW, up 7,000 KRW (4.73%) from the previous day. This is a 52-week high.

Earlier, a report was released in the morning stating that Kakao is pursuing the acquisition of some or all of the shares held by SM Entertainment's largest shareholder, representative producer Lee Soo-man (18.73%).