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Photo = Kakao Pay |
[Alpha Biz= Kim Jisun] Shares of Kakao Pay were suspended from trading on June 26 after being designated as an “Investment Risk Stock” by the Korea Exchange (KRX), amid a surge in price fueled by market speculation over the potential introduction of a Korean won-based stablecoin.
This marks the second trading suspension in three days for the fintech affiliate of Kakao Corp. The stock had already been halted on June 24 following its designation as an “Investment Warning Stock.”
According to the KRX, Kakao Pay was placed under investment risk status due to continued abnormal price increases, despite the prior warning. As a result, trading was suspended for one day on June 26. The KRX further noted that if the stock continues to surge once trading resumes, another one-day suspension may follow.
Driven by investor optimism over the possibility of the South Korean government endorsing a domestic stablecoin initiative, Kakao Pay’s share price has skyrocketed 147.8% in June alone. Although trading resumed on June 25 after the initial suspension, the stock still rose by an additional 1.96% that day.
The Korea Exchange emphasized the need for heightened investor caution, noting that the stock’s recent rally has not been supported by material disclosures or official confirmation regarding stablecoin developments.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
