'276,500 won vs 277,500 won'
These are the closing prices of Samsung Electronics as of the 22nd, displayed on the Korea Exchange website and through securities firms' HTS (Home Trading Systems) and Naver Securities. The reason the same stock showed different closing prices on the same day is that the Korea Exchange reflects the regular market closing price at 3:30 p.m., while HTS and Naver Securities reflect the after-market closing price at 8:00 p.m.
Following the launch of the after-market by the Korea Exchange on the 14th, discrepancies in closing prices between the exchange, securities firms, and portal sites emerged. According to the Korea Exchange, the closing price is the final price formed when the regular market closes. Both market capitalization calculations and benchmark prices for futures and options trading must follow the regular market closing price. However, since securities firms and portal sites display after-market closing prices, listed companies and investors could suffer losses if they trade without verifying these separately.
Because the basis for closing prices differs, stock price fluctuation rates also vary. On the 22nd, Samsung Electronics' rise was 0.91% on the Korea Exchange website but 1.28% on securities firms' HTS. Some securities firms have provided menus to check regular market closing prices separately, but investors must manually change their settings. Since the default setting is based on after-market closing prices, investors may overlook the price difference if they do not pay attention.
As confusion continued, the Korea Exchange requested that securities firms reflect regular market closing prices. It also advised listed companies to be careful not to confuse regular market closing prices with after-market closing prices. In contrast, securities firms maintain that it is reasonable from a customer convenience perspective to provide real-time price updates during after-market hours and use those prices for next-day stock comparisons.
The closing price serves as a common benchmark allowing all market participants to make judgments based on the same price. The principle is that this benchmark must be applied consistently under any circumstances. If the closing price varies depending on where or when it is viewed, it can no longer be considered a standard. Applying different standards for customer convenience creates more confusion than convenience.
Eight trading days after the introduction of the after-market, the closing price issue remains unresolved. Given that trading continues even after the regular market closes, there is regret that the Korea Exchange did not fully anticipate the closing price display problem before introducing the after-market and coordinate in advance with securities firms on how to display closing prices and guide investors accordingly.
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