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17 pct of big business CEOs buy company shares amid pandemic

Industry 08:19 August 04, 2021

SEOUL, Aug. 4 (Yonhap) -- Nearly 2 in 10 CEOs of large firms in South Korea have purchased company shares since the COVID-19 outbreak began amid price falls, a corporate tracker said Wednesday.

According to CEO Score, 17 percent of 852 former and incumbent CEOs of the country's top 500 companies by sales bought company shares between January last year and July 30 this year.

Those CEOs have bought 4.74 million shares worth 151.4 billion won (US$132 million) over the cited period, with their investment returns averaging slightly over 89 percent.

CEO Score said their stock purchases appear to have been brisk amid price tumbles shortly after the coronavirus outbreak in the country in late January last year.

Their share buying also seems to be aimed at showing their confidence in corporate performances and helping drive up undervalued share prices, it added.

Hyundai Motor Group Chairman Chung Euisun was the top purchaser as the chief of South Korea's top automotive group bought 81.7 billion won worth of some 885,000 shares in leading automaker Hyundai Motor Co. and top auto parts maker Hyundai Mobis Co.

Chung was followed by Korea Investment Holdings Chairman Kim Nam-goo with 8.6 billion won and Kim Jong-goo, chairman of wearable device maker PARTRON Co. with 2.1 billion won.

The Hyundai Motor Group chief posted the largest valuation gain of 126 billion won as shares in Hyundai Motor and Hyundai Mobis shot up following plunges shortly after the coronavirus outbreak.

Hyundai Motor Group Chairman Chung Euisun (Yonhap)


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