Exchange Halts Trading of Youngpoong Paper and Daeyang Metal After Record Low Price

Korea Exchange in Yeouido, Seoul. Photo by Jinhyung Kang aymsdream@

On the 18th, trading of Youngpoong Paper, which hit the lower limit price in the stock market, and its largest shareholder Daeyang Metal will be suspended.

The Financial Services Commission, Financial Supervisory Service, and the Korea Exchange stated that they judged a trading suspension was necessary to quickly restore orderly trading and protect investors in relation to the sharp price drops of the two stocks on that day.

Accordingly, the Korea Exchange will suspend trading of these stocks from the 19th until the suspension is lifted and has requested disclosure inquiries.

Financial authorities reportedly recognized the possibility of unfair trading involving Youngpoong Paper and others during July and August and conducted investigations. In this regard, the Seoul Southern District Prosecutors' Office conducted a search and seizure at Youngpoong Paper on the same day.

Earlier this year, Youngpoong Paper, which drew market attention with a 730% increase in its stock price, saw a flood of sell orders right after the opening of the KOSPI market on this day, reaching the lower limit price around 9:12 a.m.

Daeyang Metal, the largest shareholder holding 45% of Youngpoong Paper’s shares, also entered the lower limit price zone around 9:30 a.m. on the same day.

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