In early trading on the 13th, Daishin Securities is up more than 14%. The rise is seen as driven by the previous day's announcement that Daishin Securities will cancel 15.35 million treasury shares.
As of 9:12 a.m., Daishin Securities is trading at 41,450 won on the Korea Exchange, up 5,350 won (14.82%) from the previous session. It also hit a 52-week high intraday at 44,550 won.
Earlier, on the 12th, Daishin Securities announced it would cancel 15.35 million treasury shares. It will cancel 9.32 million of the 12.32 million common shares already held, 4.85 million first preferred shares, and 1.18 million second preferred shares. The remaining 3 million common shares already held will be used for employee performance bonuses and the employee stock ownership plan. The cancellations are scheduled to be carried out over six quarters starting from the time the Commercial Act amendment is announced.
The securities industry gave a positive assessment of the cancellation of treasury shares already held. Analyst Yoon Yoo-dong at NH Investment & Securities said, "Daishin Securities is the first among brokerages to announce a plan to dispose of treasury shares it already held," and noted, "It is positive that it disclosed a plan to dispose of treasury shares already held in preparation for the implementation of the Commercial Act amendment."
Meanwhile, Daishin Securities also announced 400 billion won in tax-exempt dividends.