이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
Korean authority suspect insider trade behind Daewoo E&C stock movement
- Collected
- 2016.11.18
- Distributed
- 2016.11.21
- Source
- Go Direct
“We discovered unusual activities of borrowing and short-selling with Daewoo E&C shares just before its third-quarter financial statements were disclosed on Monday,” said an official at the Korea Exchange on Thursday.
The stock market will scrutinize the trade details and investigate on insider trade, he said.
On Friday last week, record volume of 1,195,385 shares of Daewoo E&C had been short sold, overwhelming the October daily average of 114,558 shares. The company released third-quarter statement after the market closed on Monday carrying disclaimer of opinion from its auditor Deloitte Anjin. A total of 9.85 million shares in the company changed hands on Monday, again unusual against the daily average of 550,000 shares. Since the news of the statement denied of opinion spread Monday evening, the short-sellers could have been tipped off in advance, the official said.
Short selling is one of the investment schemes where investors who bet on a drop in a certain company’s stock can borrow stocks of the company and sell them, and make a profit on the difference if the stock price actually falls. Shares of Daewoo E&C lost 18.4 percent in the following two days. Shares of Daewoo E&C closed Friday at 5,250 won, down 4.02 percent or 220 won from the previous session, keeping on its losing streak for fourth straight session.
By Bae Mi-jung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]