'Gangnam Style' hit doubles value of Psy's father's stock

South Korean pop star Psy, 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 he 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 on the main Seoul bourse, making it as of Tuesday the 459th most valuable stock measured by size.

Horse riding all the way to the bank? Screengrab from the video

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 percent on Tuesday compared with its closing level a week ago, just a day before he made his announcement.

Reuters


Updated Date: Dec 20, 2014 12:14 PM

Also Watch

Social Media Star: India’s top lifestyle bloggers share their trade secrets on the latest episode
  • Friday, July 27, 2018 First Day First Showsha — Reviewing Tom Cruise's Mission: Impossible - Fallout in 10 questions
  • Friday, August 10, 2018 It's a Wrap: Fanney Khan stars Anil Kapoor, Rajkummar Rao, Pihu Sand in conversation with Parul Sharma
  • Wednesday, August 15, 2018 Partition's real cost: Sonam Kalra revisits accounts of separation, loss in a spellbinding performance
  • Monday, August 13, 2018 Asian Games 2018: How Indian women's hockey team moved on from heartbreak at London World Cup

Also See