[THE INVESTOR] Shares of Naver, the Korean internet giant, closed at 801,000 won (US$723) on Aug. 18, the highest figure over the past 52 weeks, largely buoyed by the stock rally of its immensely popular mobile messenger LINE.

Foreign securities firms, including CLSA, Citi, Goldman Sachs and Merrill lynch, were top buyers of the stock.

Naver shares have been rallying since the successful stock debut of LINE in New York and Tokyo on June 14.

Naver’s soaring earnings in the second quarter are also affecting the price positively. The company posted an operating profit of 272.7 billion won in the April-June period, a 44 percent surge from a year ago.

Industry watchers predict its third-quarter and fourth-quarter profits to soar 37.4 percent and 49.7 percent, respectively, due to strong advertisement sales over the rest of the year.

By Lee Ji-yoon ()