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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Sangjin] KT's stock price surged significantly, hitting a 52-week high during intraday trading. This follows a recovery from a recent dip caused by its exclusion from the MSCI Korea Index.
According to the Korea Exchange, KT shares closed at 44,400 KRW, up 8.03% from the previous trading day. After struggling for two days following the news of its exclusion from MSCI, KT's stock reached as high as 44,950 KRW during intraday trading, setting a new 52-week high.
The recovery appears to be driven by a return of foreign investor buying, following the exhaustion of the foreign investment limit. On November 5, foreign investors had been net sellers as the limit reached 99.99%. On November 8, they sold 46 billion KRW worth of shares. However, as the limit decreased to 99.96%, foreign investors resumed buying, purchasing over 50 billion KRW worth of KT shares on November 11. Despite the lack of positive stock movement following the MSCI exclusion announcement, KT saw a strong rebound, likely supported by foreign investment flows.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
