[Market Focus] Samsung Fire & Marine Insurance Returns to Original Level After Surge and Plunge... Down 21%

Samsung Fire & Marine Insurance shares have returned to their original level after a sharp surge followed by a steep decline.

As of 9:12 a.m. on December 12, Samsung Fire & Marine Insurance was trading at 496,000 won on the Korea Exchange, down 134,000 won (21.27%) from the previous day. The stock had soared more than 28% at the end of the previous trading session, but plummeted again within a day, bringing its price back to pre-surge levels.

On the previous day, Samsung Fire & Marine Insurance had traded sideways throughout the session before suddenly jumping more than 28% at the close, reaching as high as 630,000 won. Some market observers attributed this to a possible order error, noting that it was the so-called "quadruple witching day," when the expiration of four types of derivatives-stock index futures and options, as well as single stock futures and options-coincided. Others, however, analyzed that the surge was due to an increase in Samsung Fire & Marine Insurance's weighting in Samsung Group-related exchange-traded funds (ETFs).

Due to the previous day's surge, the Korea Exchange designated Samsung Fire & Marine Insurance as an investment caution stock for the day.