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Coupang becomes hottest foreign stock for Koreans in debut week

In this photo provided by the New York Stock Exchange, a banner for South Korea's Coupang adorns the New York Stock Exchange facade before his company's IPO March 11 (AP-Yonhap)
In this photo provided by the New York Stock Exchange, a banner for South Korea's Coupang adorns the New York Stock Exchange facade before his company's IPO March 11 (AP-Yonhap)
South Korean investors‘ net capital inflow into Coupang shares came to $87.5 million in its first week on the New York Stock Exchange, data showed Monday.

The figure was the highest among foreign stocks during the cited period, according to data from the Korea Securities Depository.

Among Korea-based foreign stock traders, Coupang in its first five trading days was hotter than US electronic devices giant Apple, US gaming firm Roblox, SoftBank’s internet subsidiary Z Holdings and electric vehicle maker Tesla.

On the other hand, Koreans‘ appetite for Coupang shares were seen subsiding in the short-term. Most of the transactions were made in Coupang’s first three trading days beginning March 11, when the local e-commerce giant debuted on the US stock market.

Of all the Korea-involved transactions of Coupang shares worth $242.3 million from March 11 to Wednesday, some 85 percent of them were made in the first three days.

Coupang’s share price rose to as high as $51.85 apiece on March 15, and closed at $50.45. The share price has since dropped, in the wake of early lockup expiration of some 34 million shares held by employees on Thursday.

Coupang‘s price was at its highest point on the day of its blockbuster NYSE debut March 11 at $69 for each share, nearly double that of the offering price at $35.

By Son Ji-hyoung (consnow@heraldcorp.com)
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