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[Alpha Biz=(Chicago) Reporter Paul Lee] Institutional investors have steadily bought Kakao shares this month, a report showed.
According to the Korea Exchange on the 28th, Kakao was the second most bought item by institutional investors this month after Samsung Electronics, the largest net buying item. Institutional investors bought 168 billion won worth of Kakao this month. It is a net purchase record for six consecutive trading days from the 20th. Foreign investors also net bought Kakao 98 billion won this month. On the other hand, private investors sold 260 billion won worth of goods.
Institutional investors also included shares in Kakao's subsidiary. This month, Kakao Bank and Kakao Pay also net bought 74 billion won and 15 billion won, respectively. In contrast, individual investors sold these stocks worth 97 billion won and 34 billion won, respectively, during the same period.
Kakao shares have recently been on the rise thanks to institutional and foreign buying. Kakao's stock price fell to 37,600 won, the lowest level of the year, on the 1st of this month after management was questioned by the FSS on stock price manipulation one after another last month. Since then, Kakao shares have risen 31.9% and closed at 49,850 won on the 27th. Kakao Bank and Kakao Pay also rose 39% and 33.6%, respectively, this month.
Kakao's stock price rebound seems to reflect expectations for improved performance next year. Securities firms expect Kakao's profitability to increase next year as the effect of relocating resources will begin in earnest and the investment burden will be reduced.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
