Hanjin Shipping Soars a Day After Exchange Calls Stock ‘Trash’by
Stock surged as much as 20% today after falling 24% yesterday
Volatility nears a record high, driven by day traders
“Retail investors are buying the stock so they can make double-digit profits -- 10% or 20% a day,” said Kim Seung Churl, an analyst at Meritz Securities in Seoul. “The volatility for this kind of company is really high.”
Foreign investors sold a net 2 billion won of Hanjin Shipping’s shares since Jan. 9, while individual investors bought a net 1.9 billion won worth during the period, according to data from the Korean stock exchange.