[Featured Stocks] Naver and Kakao Hit 52-Week Lows Amid Sharp Drop in US Nasdaq... Down Over 3%
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[Asia Economy Reporter Myunghwan Lee] Naver (NAVER) and Kakao both fell more than 3% in early trading on the 13th, each hitting a 52-week low. This is believed to be due to the sharp decline in the US Nasdaq index on the previous trading day, the 10th (local time).
As of 9:45 a.m. that day, Naver (NAVER) was trading at 259,000 won, down 4.07% (11,000 won) from the previous trading day. Kakao was also down 3.75% (3,000 won) from the previous trading day, trading at 77,100 won.
Both stocks broke their intraday 52-week low records due to the sharp decline that day.
The US Nasdaq index, which is mainly composed of technology stocks, fell sharply due to a surge in the May Consumer Price Index (CPI), which is interpreted as having affected these representative growth stocks.
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The US Department of Labor announced that the May CPI rose 8.6% compared to the same period last year. As a result, on the 10th, the Nasdaq index closed at 11,340.02, down 414.20 points (3.52%) from the previous trading day.
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