Kakao and Naver's market caps disappeared by nearly 19 trillion won in two days as foreign listings poured into the platform to prevent monopoly and protect financial consumers.



In the KOSPI market, Kakao closed at 130,000 won, down 6.14%, and Naver fell 2.56% to 399,000 won, dropping below the 400,000 won level in two months.



Kakao and Naver also plunged 10.06% and 7.87% on the previous day, respectively.



It was foreigners who drove the plunge.



Foreigners net sold Kakao for 172.3 billion won and Naver for 57.6 billion won, respectively. Over the two days, they net sold Kakao 666.6 billion won and Naver 286.6 billion won, pouring out nearly 900 billion won.



Institutions also sold Kakao and Naver two days in a row, although the selling intensity was lower than that of foreigners.



As a result, the market caps of Kakao and Naver were 57,144.9 trillion won and 6554 trillion won, respectively, with 11.34 trillion won and 7.5 trillion won evaporated in two days, respectively.



There is a movement to strengthen regulations behind the foreign sale bomb.



On the 7th, the financial authorities interpreted that online financial platforms such as Kakao Pay and Naver Financial might violate the Financial Consumer Protection Act for the sale of financial products such as cards, insurance, and pensions.



In the congratulatory speech of 'Dinosaur Kakao's Octopus Feet Expansion: Platform Conglomerates' Countermeasures to Eliminate Unfair Trade', Song Young-gil, chairman of the Democratic Party of Korea, said in a congratulatory speech, "Kakao, which prides itself on being an innovative company, ignores fairness and win-win growth and pursues only profit by following the image of past large corporations. No,” he emphasized.



Han Sang-hyeok, chairman of the Korea Communications Commission, also said in a general policy inquiry of the National Assembly Preliminary Committee, "both pre-regulation on platform operators and post-regulation through prohibition are necessary."



In particular, after the market close on the 9th, there was also news that the Financial Services Commission emphasized regulatory compliance for Big Tech.



The FSC warned, "We will take strict action if there is an illegality and there is no self-correction effort."  



▶ [What Street] Kakao · Naver, the trusted national stock, plunged, Super ant's choice?