[Photo] Kakao surpasses Hyundai Motor in market cap

Posted on : 2020-05-25 17:08 KST Modified on : 2020-05-25 17:08 KST

South Korean automaker Hyundai Motor relinquished the country’s number 10 spot in market capitalization to IT firm Kakao on May 22. The decrease has been attributed to the global economic slowdown triggered by the COVID-19 pandemic. Kakao, on the other hand, has been spotlighted by financial experts as having future growth potential. Naver, another IT firm, climbed up to fourth place in market capitalization in October 2019 after surpassing Hyundai. Observers see this reversal as indicative of major changes in South Korean industry.

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