[Featured Stocks] Wemade and Wemade Max Soar Over 10% on Strong Buyback Demand

[Asia Economy Reporter Minji Lee] Wemade and Wemade Max are showing a surge of over 10% during trading hours. After the stock price dropped more than 30% following the earnings announcement on the 9th, the view that the decline was excessive has expanded, leading to an influx of rebound buying.

At 10:13 a.m. on the 16th, Wemade was up 9.9% at 106,600 KRW during trading hours. On the same day, Wemade soared to as high as 109,000 KRW. Its subsidiary, Wemade Max, also rose 13.99% to 24,450 KRW.

Wemade had fallen 35% until the day before after the earnings announcement. Although it posted record-high consolidated sales of 561 billion KRW, the market criticized the performance as poor because most of the revenue came from the liquidity sales of its own cryptocurrency, ‘Wemix’. In fact, sales and operating profit excluding Wemix revenue were significantly below market expectations.

However, as the fear of war between Russia and Ukraine, which had suppressed the stock market, eased, the preference for risk assets became prominent, and investment sentiment toward Wemade is estimated to have improved. Currently, institutional investors have net purchased 3,000 shares of Wemade stock in the stock market.

This content was produced with the assistance of AI translation services.