Psy and the theme stock of his father`s company

The grand Oct. 4 concert of rapper Psy at Seoul Plaza was loud and entertaining, but also invoked emotional moments. Such a situation occurred when he performed “Father” and spoke of regret and apology for causing so much trouble for his dad while growing up. “I`ve lived my life to blindly pursue a better future. Children have grown up while I hardly recognize it...It`s scary, and damn, I wanna flee. But I still endure. I live my life, I move and forward despite hardship due to the joyful mischief of my children, who are hanging around under my umbrella innocently every day. Honey, children, your dad is leaving for work...I now realize (your sacrifice, dad). How did you live like that? No more loneliness. I will come with you from now on.” These lyrics from a song Psy wrote in 2005 makes people ask if a rapper can also have such deep emotions.

Through his song, Psy, born Park Jae-sang, revived his relationship with his father Won-ho, who heads the listed company DI. The senior Park tried to block his son from pursuing music as a career, but Psy said, “Don’t make a hasty conclusion on things you don’t know well.” The prodigal son’s defiance of his father might have been the driving force for Psy to aim high and succeed. Had Psy worked hard to become a successful businessman, the world would have never experienced his musical talent.

DI, which makes memory semiconductor equipment, has seen its stock value fluctuate in tune with Psy’s popularity though it has nothing to do with the rapper. The share price went from about 1,300 won (1.17 U.S. dollars) in late March to 2,000 won (1.80 dollars) amid rumors that former Prime Minister Chung Un-chan was to run in the presidential election. The share jumped due to a rather bizarre reason: Chung, who graduated ahead of Park Won-ho from Kyunggi High School, officiated Psy’s wedding. The price further soared to 13,100 won (11.90 dollars) Monday amid the astounding popularity of Psy`s hit “Gangnam Style.” DI`s share is a so-called theme stock. The company posted net operating losses of 3.1 billion won (2.8 million dollars) last year and 3.5 billion won (3.17 million dollars) in the first half of this year. The stock will plunge without fail. DI’s stock also fell to the daily limits Tuesday and Wednesday to close at 9,500 won (8.60 dollars) Wednesday.

“I took out college loans and bought 700 shares for 13,000 won per share.” “Why have I now realized that the company had nothing to do with Psy?” “I should`ve heeded the Financial Supervisory Service’s repeated warnings.” These are among comments of regret that buyers of DI stock posted on Psy’s mini website. One user sounded more irrational, saying, “(Psy), please say something so that the stock price can rebound from its fall to the daily limit.” The financial watchdog says chances are high that stock manipulators orchestrated the rise in DI`s share price. CEO Park Won-ho, who struggled due to his son in the past, is now agonizing over his company’s share price in connection with his scion.

Editorial Writer Heo Seung-ho (tigera@donga.com)