[Special Stock] KakaoBank Surges Over 6% on Strong 3Q Earnings Effect?

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] KakaoBank surged over 6% on the 9th.

As of 10:05 AM on that day, KakaoBank was trading at 22,950 KRW on the Korea Exchange, up 6% from the previous trading day.

The improvement in third-quarter earnings is analyzed to be driving KakaoBank's stock price. KakaoBank's third-quarter net profit reached 78.7 billion KRW, a 51.3% increase compared to the same period last year. Net profit, operating revenue (411.8 billion KRW), and operating profit (14.6 billion KRW) all set new quarterly records.

On the day of the earnings announcement, KakaoBank's stock price jumped 17%, and it closed at 21,650 KRW the previous day, up 5.61%.

The previous day also saw news that the cryptocurrency exchange Coinone would start KRW deposit and withdrawal services.

The stock prices of Kakao-affiliated listed companies, which had been hitting 52-week lows consecutively, are also rising accordingly.

Kakao (2.33%) and KakaoPay (7.84%) listed on the Korea Exchange, as well as KakaoGames (1.34%) listed on KOSDAQ, are all showing strong performance on that day.