Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Major politician-related stocks fluctuate on unified candidacy
Ahn Cheol-soo of the minor People's Party, left, speaks with Yoon Suk-yeol of the main opposition People Power Party, after they held a press conference on unification of their presidential campaigns, at the National Assembly in Seoul, Thursday. Joint Press Corps
By Lee Min-hyung
By Lee Min-hyung
Major stocks related to presidential hopefuls fluctuated Thursday after presidential candidates Yoon Suk-yeol of the main opposition People Power Party and Ahn Cheol-soo of the minor People's Party decided to unify their campaigns.
With Ahn dropping out of the presidential race to empower Yoon, major shares related to the two figures started with a double-digit gain on Thursday morning on the local stock market.
Education firm NE Neungyule soared to as high as 17 percent at one point from its previous closing price. The company is considered one of the major politically related stocks related to Yoon.
Even though Ahn decided to stop his campaign only about a week before the election, AhnLab shares also saw a sharp rise on the same day. The security software firm was established by Ahn back in 1995. Its stock price surged by around 10.3 percent at one time on Thursday morning after Yoon and Ahn held a joint press conference over their unification.
But as the development presented an obstacle to ruling party presidential candidate Lee Jae-myung, stocks that had been benefiting from his standing failed to enjoy a rally. Shampoo manufacturer TS Trillion is cited as one of the main stocks related to Lee. Its shares plunged by more than 10 percent for some time shortly after the opening of the market.
E-Starco, another major Lee-related stock, also nosedived in the wake of the unification of the opposition candidates. Shares of the real estate business operator reported sharp rises early this year when Lee was ahead of Yoon in approval ratings, but have since failed to maintain the upward momentum amid Yoon's gradual rise.