Kakao Pay falls more than 10 percent intraday, records 52-week low

[KAKAO PAY]

 
Kakao Pay fell more than 10 percent intraday on Friday.
 
After the market opened Friday, Kakao Pay traded at 41,500 won ($30) at the lowest point, recording a 52-week low.
 
Investor sentiment seems to have deteriorated after Citigroup lowered its target price of Kakao Pay to 38,000 won and recommended selling of the company’s stock.
 
“We expect Kakao Pay’s quarterly operating profit decline to continue until the end of next year,” read the report from Citigroup. “Overhang risks from Alipay will put a downward pressure on the share price.

BY LIM JEONG-WON [lim.jeongwon@joongang.co.kr]