Corporate owners and executives of Korean Inc. are digging into their personal wealth to buy back shares and set the defense line for their stock prices amid the broad foreign selloff.

Cho Dong-gil, chairman and largest shareholder of Hansol Holdings Co., the holding company of Hansol Group, bought nearly 2 billion won ($1.65 million) worth of company stock, or 456,424 shares, during the four-day period from August 20, according to the Financial Supervisory Services on Monday. This follows his previous purchase of 171,700 shares last month. Cho’s stake in the company is now 10.28 percent compared with 8.93 percent in late December.

Market analysts suspect that Cho has bought Hansol Holdings stocks to boost the stock price, which was halved to 4,902 won late last year from around 10,000 won in late 2014. It has been hovering in the boxed range between 4,000 won and 5,000 won so far this year.

Chung Mong-gyu, chairman of Hyundai Development Company, a real estate developer, has also been purchasing company shares since late last year, taking up 38,144 shares this month alone, in a bid to defend the company stock price. HDC’s shares tumbled 26 percent so far this year.

Chung’s ownership in HDC had been 13.36 percent in May 2018 prior to the company’s transition to a holding entity. But it shot up to 30 percent after the rights offering and now stands at 36.99 percent.

Huh In-cheol, co-vice chairman of the confectionery giant Orion Corp., bought 1 billion won worth of company shares this month. He purchased 6,400 shares amounting to a 0.02 percent stake in Orion at 78,059 won apiece and 31,000 shares equivalent to a 0.04 percent stake in Orion Holdings Corp. for 15,898 won a share.

Lee Dong-woo, chief executive of Lotte Himart Co., a household appliance retailer under Lotte Group, bought 6,000 company shares this month in a show of responsibility management. Lotte Himart’s share price plunged more than 34 percent over the past three months after it reported its operating profit in the second quarter dropped more than 30 percent from a year ago. Lee now holds a total of 12,000 shares, or a 0.05 percent stake, in the company.

Shares of Hansol Holdings closed Tuesday 0.82 percent higher at 4,310 won. HDC finished 1.22 percent lower at 12,100 won. Orion was up 1.99 percent at 87,000 won while Orion Holdings was down 1.94 percent at 15,200 won. Lotte Himart edged down 0.33 percent to 30,300 won.

By Moon Il-ho and Kim Hyo-jin

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