As South Korea's stock market has been suffering by the spread of Coronavirus, major listed firms decided to buy back their own shares to assure investors. The active purchase of their own shares are showing the confidence of their business development and the willingness to overcome this market crisis.
51 executives in Posco group have purchased a total number of 16,000 shares that are worth 2.6 billion won. 89 executives in the 5 listed firms of Posco group (Posco International, Posco Chemical, Posco ICT, Posco C&C and Posco M-tech) have also bought their own shares that are worth 2.1 billion won. The total worth of 4.7 billion won of shares are bought back from Posco.
Euison Chung, a vice chairman of Hyundai Motor Group, bought back 139,000 shares at 68,435 won of Hyundai Motor per share and 72,552 shares of Hyundai Mobis at 130,789 won per share. The total worth of 19 billion won of its own shares are purchased by Euison Chung. The executives in Hyundai Motor Group and Kia Motors have also participated in shares buyback.
The management in Lotte Group also purchased back their own shares. The chairman, Dongbin Shin, bought 47,400 shares that are worth 1 billion won, the vice chairman of Lotte Holdings also purchased 300 shares that are worth 6.4 million won and 29 executives in Lotte Holdings also bought back their own shares.
Hankook Tire also decided in their board of directors (BOD) meeting to buy back their shares that are worth 50 billion won for upcoming 6 months.
Dongkuk Steel also determined in the BOD meeting to purchase 2 million shares that are worth 8 billion won until 12th of June.
Hyosung will also buy 412,420 shares that are worth 24.1 billion won to stabilize its stock price and enhance their shareholders' value and and Korealines will also purchase 400,000 shares that are worth 5 billion won.
[NEWS: What's happening in Korea?] - Covid-19 in Korea - Total number of 9,037 infection cases
Covid-19 in Korea - Total number of 9,037 infection cases
The total number of Coronavirus infection cases have reached to 9,037 as of Tuesday in Korea. This shows 76 new cases from the previous day. The number of new confirmed cases are in 2 digits for 3..
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