[Featured Stock] Kiwoom Securities Hits 52-Week Low... Stock Drops on Weak 1Q Earnings

[Asia Economy Reporter Kwon Jae-hee] Kiwoom Securities has hit a 52-week low amid a continuous downward trend. The weak performance in the first quarter is believed to have dragged down the stock price.

As of 10:29 AM on the 11th, Kiwoom Securities is trading at 86,000 KRW on the KOSPI market, down 2.27% compared to the previous trading day. During the session, it briefly fell to 85,800 KRW, setting a new 52-week low.

The previous day, Kiwoom Securities announced that its consolidated operating profit for the first quarter was 213.2 billion KRW, a 38.6% decrease compared to the same period last year. Net profit for the same period was 141.1 billion KRW, down 47.11%.

In response, securities firms have collectively lowered their target prices for Kiwoom Securities. Samsung Securities cut its target from 135,000 KRW to 120,000 KRW, Meritz Securities from 115,000 KRW to 110,000 KRW, and Daishin Securities from 140,000 KRW to 115,000 KRW.