[Market Focus] Manho Steel Surges Over 20% on Share Buyback News

Manho Steel is surging more than 20% in early trading on September 26 following news of its share buyback.

As of 9:20 a.m. on this day, shares of Manho Steel on the Korea Exchange are trading at 48,450 won, up 23.60% from the previous session. The stock opened at 46,350 won and at one point during the session soared to 49,000 won, setting a new 52-week high.

The announcement of the share buyback, aimed at enhancing shareholder value, appears to have boosted investor sentiment. The previous day, Manho Steel disclosed that it would acquire 7,331,138 common shares worth 25 billion won to enhance shareholder value. The company plans to cancel all repurchased shares, and after holding a separate board meeting, will announce the cancellation decision.

The expected buyback period is from September 26 to November 30, spanning about two months. The number of shares to be acquired was calculated based on the previous day's closing price of 34,100 won.

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