[Special Stock] Kakao Pay Hits Record High for Second Day on SSG Pay Acquisition Talks

On May 28, Kakao Pay recorded a new all-time high for the second consecutive trading day. Investor sentiment appears to have surged following reports that Kakao Pay is in negotiations to acquire SSG Pay and Smile Pay from Emart.

As of 9:44 a.m. on this day, Kakao Pay was trading at 37,350 won, up 1,400 won (3.89%) from the previous trading day. During intraday trading, the stock rose to 37,750 won, setting a new 52-week high. The previous day, the stock closed at 35,950 won, up 11.99% (3,850 won) from the day before.

This upward trend appears to be driven by reports that Kakao Pay is in negotiations to acquire SSG Pay and Smile Pay from SSG.com.

Since closing at 193,000 won on its first day of listing in November 2021, Kakao Pay's share price had continuously declined, falling by 81%. In the market, this is seen as a strategy to narrow the gap with Naver Pay, the leader in the simple payment market, and as a result, investor sentiment appears to have revived.