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[Featured Stock] Hwasung Hits New High, Foreigners Switch to Selling... Hwasung Drops 9%

[Featured Stock] Hwasung Hits New High, Foreigners Switch to Selling... Hwasung Drops 9% [Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] Secondary battery material company Hwasung recorded an intraday high on the 27th but is currently experiencing a drop of over 9%.


In the early trading session on the day, Hwasung surged 7.23% from the previous day to 27,450 KRW on the KOSPI market, setting a new 52-week high. However, it began to plunge afterward and as of 11:18 AM, it is trading at 23,150 KRW, down 9.57% from the previous day.


The company’s stock price had shown a sharp upward trend after announcing its first-quarter earnings this year, which were an 'earnings surprise.' Foreign investors have been net buyers for 13 consecutive days this month.


However, as the stock price soared to a new high on this day, it appears that foreign investors started to realize profits. Foreign investors turned to net selling after 14 trading days.


Previously, Kim Yang-jae, a researcher at Daol Investment & Securities, stated that Hwasung was undervalued among secondary battery companies and raised the target price from 35,000 KRW to 40,000 KRW.


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