SEOUL, March 25 (Yonhap) -- Hyundai Motor Group's heir apparent on Wednesday bought 40 billion won (US$33 million) worth of stocks in two key affiliates to boost their share prices amid the spread of the new coronavirus.
Hyundai Motor Group Executive Vice Chairman Chung Euisun bought additional stocks in Hyundai Motor Co. and Hyundai Mobis Co. to show his commitment to improving business performance and shareholder value, a group spokesman said.
Chung had already bought 28 billion won of stocks in Hyundai Motor Co. and Hyundai Mobis Co. in two rounds of share purchases this week.
Hyundai Motor has temporarily suspended operations of its plants in the United States, India and Brazil due to supply disruptions and lower demand caused by the virus outbreak.
On Wednesday, Hyundai Motor jumped 13 percent to 84,500 won, and Hyundai Mobis advanced 17 percent to 169,500 won, helped by the share purchases. The broader KOSPI gained 5.9 percent.
The rebound came after Hyundai Motor and Mobis plunged 40 percent and 36 percent, respectively, this month through Monday, amid growing fears over the COVID-19 pandemic.
Anti-Tada bill a major setback for Korea's innovation drive
Driven into corner by virus, S. Korean economy gets strong medicine
Retail giants undergoing painful restructuring amid earnings shock
New coronavirus set to spell trouble for S. Korean economy
(News Focus) Korean manufacturers bear brunt of new coronavirus