The transaction volume of Samsung Electronics Co. among retail investors jumped nearly six times as the tech giant's stock split lowered the entry bar, the bourse operator said Sunday.
The amount of Samsung Electronics shares traded by individual investors on Friday -- after a three-day hiatus to lower its face value from 5,000 won (US$4.64) to 100 won -- came to 1.17 trillion won, up from a daily average of 205 billion won before the split, according to the Korea Exchange (KRX).
Transactions made by individual investors accounted for 56 percent of its total turnover, up from 28 percent, it said.
Prior to the split, foreign investors accounted for 41 percent of the tech giant's total transactions, followed by institutional investors with 29 percent, according to the bourse operator.
|An electronic board in Seoul shows Samsung Electronics shares dropping 2.08 percent to end at 51,900 won (US$48) on May 4, 2018, during its first session after a stock split. (Yonhap|
Samsung Electronics shares' overall turnover also rose to reach 2.08 trillion won, up from this year's daily average of 724.7 billion won, accounting for 19 percent of the total Korea Composite Stock Price Index (KOSPI) turnover, it said.
The stock split was aimed at enhancing shareholders' value by boosting accessibility for small investors to what were formerly "emperor shares" due to their high price. The basis price was 53,000 won per share as its pre-split final price logged on April 27 was 2,650,000 won.
After fluctuating between positive and negative terrain during the first trading session, the tech behemoth shed 2.08 percent to finish at 51,900 won, as institutions and foreigners moved to lock in recent gains, analysts said. (Yonhap)
Kim Jung-mi firstname.lastname@example.org
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