[Featured Stock] Naver Hits 52-Week Low for Two Consecutive Days... Impact of US Nasdaq Plunge
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[Asia Economy Reporter Kwon Jae-hee] Naver (NAVER) hit a 52-week low in early trading on the 25th due to the Nasdaq plunge.
As of 10:23 a.m. that day, Naver was trading at 267,000 KRW, up 0.38% from the previous trading day. In early trading, Naver fell to 262,500 KRW, setting a new 52-week low. The previous day, Naver also recorded a 52-week low after dropping 4.14%.
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Last night, the Nasdaq index in the U.S. stock market plunged more than 2%, which appears to have affected IT companies in the Korean stock market as well. The stock price of social media company Snap plummeted more than 40%, dragging down the Nasdaq index. On that day, the Nasdaq index closed at 11,264.45, down 2.35% from the previous trading day. Consequently, Meta and Alphabet also fell about 7% and 5%, respectively.
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