[Featured Stocks] Naver and Kakao Hit 52-Week Lows

[Asia Economy Reporter Kwon Jae-hee] Amid foreign selling pressure causing both the KOSPI and KOSDAQ indices to hit new yearly lows, leading growth stocks NAVER and Kakao have also recorded new 52-week lows.

According to the Korea Exchange as of 10:49 AM on the 20th, NAVER is trading at 231,000 KRW, down 2.74% from the previous trading day, on the KOSPI market. During the session, NAVER fell as low as 230,500 KRW, marking a new 52-week low following the previous trading day. NAVER has been on a downward trend for eight consecutive trading days based on closing prices.

At the same time, Kakao is trading at 69,100 KRW, down 4.29% from the previous trading day. Kakao also broke its 52-week low again following the previous trading day. Kakao has been declining for four consecutive trading days based on closing prices.

The continuous sharp decline in the stock prices of the two major domestic big tech companies is attributed to the U.S. Federal Reserve (Fed) signaling an 'unconditional' policy to control high inflation, leading to expectations of an aggressive monetary policy stance. Consequently, concerns over a global economic recession have intensified foreign selling, causing the KOSPI to fall below the 2,400 level and the KOSDAQ to drop below 800 during the session. As of now, foreign selling amounts to 434 billion KRW on the KOSPI and 172.4 billion KRW on the KOSDAQ.

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