[Featured Stock] Kakao, Is the Stock Price at the Bottom?... Foreigners' Four Consecutive Days of 'Buying' Boosts Strength

[Asia Economy Reporter Ji Yeon-jin] On the 3rd, Kakao showed a strong rise of over 3% as bottom-fishing buying surged.

As of 9:17 AM on the day, Kakao was trading at 86,400 KRW, up 3.23% (2,700 KRW) from the previous day. The perception of a 'bottom price' spread after hitting the 52-week low last month seems to have stimulated investor sentiment. In particular, foreign investors have recorded net purchases for four consecutive trading days from the 30th of last month to the day.

Kakao traded as high as 173,000 KRW on June 24 last year but fell to 80,000 KRW on the 19th of last month, dropping more than 50% in stock price.

The sharp rise in tech stocks in the US stock market the previous day, amid expectations that the Federal Reserve (Fed) might slow down its tightening pace, also appears to have boosted Kakao's corporate value.

Jung Ho-yoon, a researcher at Korea Investment & Securities, evaluated Kakao by saying, "Recently, the valuation has fallen to the lowest level ever, making the downside risk not significant, which is attractive."