[Featured Stock] Hwasung Hits New High, Foreigners Switch to Selling... Hwasung Drops 9%

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] Secondary battery material company Hwasung recorded an intraday high on the 27th but is currently experiencing a drop of over 9%.

In the early trading session on the day, Hwasung surged 7.23% from the previous day to 27,450 KRW on the KOSPI market, setting a new 52-week high. However, it began to plunge afterward and as of 11:18 AM, it is trading at 23,150 KRW, down 9.57% from the previous day.

The company’s stock price had shown a sharp upward trend after announcing its first-quarter earnings this year, which were an 'earnings surprise.' Foreign investors have been net buyers for 13 consecutive days this month.

However, as the stock price soared to a new high on this day, it appears that foreign investors started to realize profits. Foreign investors turned to net selling after 14 trading days.

Previously, Kim Yang-jae, a researcher at Daol Investment & Securities, stated that Hwasung was undervalued among secondary battery companies and raised the target price from 35,000 KRW to 40,000 KRW.

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