S.Korea's Kakao shares rise 5% as COVID-19 boosts 'contactless services'

LG H&H

25/05/2020 02:42

** Shares in Kakao Corp  035720.KS , South Korea's top
mobile messenger provider, rise 5.3%  
    ** Kakao's market value is 22.5 trln won ($18 bln),
surpassing those of Hyundai Motor  005380.KS , South Korea's top
automaker, and cosmetics firm LG Household & Healthcare
 051900.KS 
    ** Kakao is benefiting from COVID-19, which has boosted
demand for "contactless services" such as online payment and
e-commerce as many people are stuck at home, says Sung Jong-hwa,
an analyst at eBEST Investment& Securities 
    ** Bigger rival Naver Corp  035420.KS  rises 2.2% 
    ** The benchmark KOSPI market  .KS11  flat
($1 = 1,242.2500 won)

 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685))