The price rose by another 10% following the previous day’s upper limit.
Youngpoong-MBK jointly gives up management rights
Youngpoong Precision‘s stock price plunged 13%.
Korea Zinc‘s stock price soared for two days in a row as the battle for management rights continued. This is due to speculation that both sides involved in the dispute will engage in on-market purchases to secure a majority stake.
On the 25th, Korea Zinc’s stock price closed at 1,253,000 won, up 10.11% from the previous day. After rising to the price limit (29.91%) the previous day, it showed a double-digit increase for two consecutive days. Korea Zinc soared to 1.47 million won per share in the early trading, setting a new all-time high, but then reduced the intraday increase.
Securities companies began blocking outstanding transactions as Korea Zinc’s stock price continued to rise day after day. Many securities companies, including Samsung Securities, set the customer margin rate for Korea Zinc at 100% from this day. Consignment margin refers to a type of down payment that investors deposit in advance with a securities company when buying or selling stocks. If a securities company sets the margin rate for a specific stock to 100%, the stock cannot be traded on credit and must be purchased 100% in cash.
Youngpoong Precision, which was considered a ‘winner’ as it owned a 1.85% stake in Korea Zinc, saw its stock price plummet as the Youngpoong-MBK alliance gave up management rights. On this day, Youngpoong Precision’s stock price rose up to 25.77% compared to the previous day at one point in the morning, but then plummeted and closed at 22,700 won, down 12.69%.
Reporter Cho Eung-hyung [email protected]
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