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[Alpha Biz=(Chicago) Reporter Paul Lee] Youngpoong Paper recorded the lower limit for five consecutive trading days. This is due to the volume of cross-selling that has been poured out since the trading was suspended and resumed due to stock price manipulation. The lower limit led by opposition sales has led to another opposition sale, continuing its endless decline.
According to the Korea Exchange on the 2nd, Youngpoong Paper closed at 5,720 won, down 29.99% from the previous trading day.
It is the lower limit for five consecutive trading days since the 26th of last month. The reason seems to be that investor sentiment has worsened due to a huge amount of cross-selling.
Earlier on the 19th of last month, Youngpoong Paper was suspended by financial authorities. The next day, Kiwoom Securities announced on the 20th that about KRW 494.3 billion in outstanding payments were incurred in its customer accounts and that it plans to collect the unpaid amount through counter-sale. According to stock market estimates, Kiwoom Securities holds about 17.1 million outstanding shares.
Since then, the financial authorities resumed the deal from the 26th of last month after taking measures such as banning suspected stock price manipulation of Youngpoong Paper from departure, search and seizure and order to preserve the collection before indictment.
After trading resumed, Youngpoong Paper went straight to the lower limit. The volume of waiting orders for sale at the lower limit reached about 18.6 million shares.
As Youngpoong Paper recorded a series of lower limit prices, its parent company, Daeyang Metal, also had to sell in opposition.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
