Reuters: Oddly Enough: "Gangnam Style" hit doubles value of Psy's father's stock

Reuters: Oddly Enough Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

"Gangnam Style" hit doubles value of Psy's father's stock Sep 25th 2012, 03:28 Tweet Share this Email Print Related News South Korea's Ahn gets poll bounce, to moderate tone on big business Thu, Sep 20 2012 UPDATE 2-South Korean software mogul to stand for presidency Wed, Sep 19 2012 Samsung strikes new Note after Apple suit Wed, Aug 29 2012 Related Topics Entertainment » Fashion » Oddly Enough » Music » Singer Psy performs as fans hold up his music CDs during his concert in Seoul August 11, 2012. Credit: Reuters/Lee Jae-Won SEOUL | Mon Sep 24, 2012 11:28pm EDT SEOUL (Reuters) - 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 capitalization has surged to 113.5 billion won ($101.29 million) on the main Seoul bourse, making it as of Tuesday 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 percent on Tuesday compared with its closing level a week ago, just a day before he made his announcement. ($1 = 1120.5250 Korean won) (Reporting by Christine Kim; Editing by David Chance and Daniel Magnowski) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions