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Samsung Group Lost Two Trillion Won in Market Cap in a Day
Evaporation of Huge Money
Samsung Group Lost Two Trillion Won in Market Cap in a Day
  • By Jung Suk-yee
  • February 20, 2017, 02:45
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Samsung Group lost approximately 2 trillion won (US$1.7 billion) in market cap as its vice chairman Lee Jae-yong was arrested on February 17.
Samsung Group lost approximately 2 trillion won (US$1.7 billion) in market cap as its vice chairman Lee Jae-yong was arrested on February 17.

 

The Samsung Group lost approximately 2 trillion won (US$1.7 billion) in market cap as its vice chairman Lee Jae-yong was arrested on February 17.

That day, Samsung Electronics’ stock price fell 0.42% to 1.893 million won (US$16,000) per share and its market cap declined by 1.1254 trillion won (US$956,000). Net selling by foreign and individual investors amounted to 18,406 and 10,481 shares, respectively. Institutional investors, meanwhile, bought 11,053 shares.

Samsung C&T’s stock price fell 1.98% to lead to a market cap loss of 444.1 billion won (US$377 million). Samsung Life Insurance’s fell 1.4% to result in a loss of 300 billion won (US$255 million), too. Likewise, the stock prices of Samsung SDS, Samsung Card and Samsung Engineering fell 0.78%, 1.67% and 1.21%, respectively. In contrast, those of Samsung SDI, Samsung Biologics and Samsung Electro-Mechanics edged up 0.81%, 0.94% and 0.68%. Hotel Shilla gained 0.96% after showing an increase of 8.2% during the trading session and its preferred stock gained 30%.

After the arrest of the vice chairman, the stock prices of the other conglomerates involved in the Choi Soon-sil scandal are drawing much interest as well. That day, the stock price of every Lotte Group subsidiary declined with the only exception of Lotte Chemical (up 0.38%) and Lotte Fine Chemical (up 0.16%). In the SK Group, SK Corporation, SK Engineering & Construction, SK Networks and SK Innovation lost 2.22%, 1.69%, 1.05% and 0.95%, respectively.