RAPPER......Korean
rapper-singer Psy performs on NBC’s “Today” show in New York in this September
14, 2012.
SEOUL : A pop star whose
song “Gangnam Style” became the first Korean hit to top Apple’s music download
charts has also worked his magic on his father’s software firm, helping it
double in value since singer and dancer Psy burst onto the global scene in
July.
Psy’s father, Park Won-ho,
is the chairman and controlling shareholder of South Korean semiconductor company
D I Corp and its market capitalisation has surged to 113.5 billion won (RM313
million) on the main Seoul bourse, making it as of today the 459th most
valuable stock measured by size.
Psy’s “Gangnam Style”, which
mocks the rampant consumerism of a rich Seoul suburb, went viral on
video-sharing website YouTube. The video has been viewed more than 267 million
times on YouTube since it was released in mid-July.
“The positive sentiment from
‘Gangnam Style’ has attracted investors just because of the fact that the
company is owned by Psy’s father and uncle,” said Lee Sun-tae, a researcher at
NH Investment and Securities, who added Psy is not a shareholder in the company.
“The popularity will slowly
dissolve in time, naturally.”
South Korea’s legion of
retail investors, mainly middle-aged people, tend to jump on speculative
stocks.
Software millionaire Ahn
Cheol-soo, who this month announced he would run for the country’s presidency,
saw the value of his company Ahnlab Inc’s shares slide after his bid.
Ahnlab stock was down 30 per
cent today compared with its closing level a week ago, just a day before he
made his announcement.
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