[Featured Stock] K-Auction Hits Upper Limit Due to Rights Issue Ex-Rights Effect
[Asia Economy Reporter Lee Jung-yoon] K-Auction recorded a limit-up on the 5th due to a visual effect caused by the ex-rights date following a free capital increase.
As of 9:48 a.m. that day, K-Auction was trading at 10,800 won, up 29.81% compared to the previous trading day.
The day before, the Korea Exchange KOSDAQ Market Headquarters announced that the ex-rights date due to the free capital increase would occur from that day for K-Auction. It appears that the stock price rose sharply due to the visual effect caused by the ex-rights adjustment making the stock price appear lower.
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The ex-rights date refers to the date when the rights to new shares expire. Normally, when a capital increase occurs, shareholders holding stocks until the new share allocation record date are given rights to subscribe to new shares. If stocks are purchased after the ex-rights date, the buyer does not receive new shares. Additionally, to maintain fairness between existing and new shareholders, the opening price is artificially lowered according to certain standards.
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