Among the heads of the nation’s top 30 conglomerates, Hyundai Motor Group chairman Chung Mong-koo saw the highest increase in his market shares following the latest stock market volatility, a market researcher said Thursday.
The market capitalization of stock holdings owned by Chung increased to 7.51 trillion won ($6.99 billion) on Wednesday from 7.37 trillion won on Aug. 5 one day before the downgrading of the U.S. debt rating, according to Korea CXO Institute.
Despite sliding share prices of Hyundai Motor and Hyundai INI Steel, those of Hyundai Globis, Hyundai Mobis and Hyundai Hysco posted gains of 122.2 billion won, 40.6 billion won and 35.6 billion won, respectively.
Shinsegae Group chairwoman Lee Myung-hee came in second after Chung with an increase of 104.3 billion won during the same period thanks to the positive performance of the group’s affiliates E-Mart and Shinsegae.
Other group owners who posted gains in market cap also included Rep. Chung Mong-joon of the ruling Grand National Party who is also the largest shareholder of Hyundai Heavy Industries with 98.5 billion won, CJ Group chairman Lee Jae-hyun with 86.3 billion won and SK Group chairman Chey Tae-won with 33.3 billion won.
However, some group owners, including Samsung Electronics chairman Lee Kun-hee, were found to have suffered huge losses, hit hard by a recent plunge in the stock market.
Lee, who owns the nation’s biggest earning group, lost the largest amount of 492.6 billion won over the past weeks.
Samsung Life Insurance, Samsung Electronics and Samsung Corp. drove the huge decline, with their market values declining 303 billion won, 184.7 billion won and 4.8 billion won, respectively.
As of Wednesday, the total market capitalization of the stocks held by Lee was estimated to be 7.57 trillion won, the highest among the nation’s top 30 group owners.
However, the difference between Lee and the second Chung of Hyundai Motor has been sharply narrowed from 695.6 billion won to 65.6 billion won.
Other group owners such as OCI chairman Lee Soo-young, Hanwha Group chairman Kim Seung-yeon and Woongjin Group chairman Yoon Seok-keum also posted loss in share values.
By Lee Ji-yoon (firstname.lastname@example.org)