Stocks related to DPK, PPP leaders surge amid growing calls for Yoon's resignation

Rep. Lee Jae-myung, front, chairman of the main opposition Democratic Party of Korea, delivers a speech, urging President Yoon Suk Yeol to step down following the repeal of martial law at the National Assembly in Seoul, Wednesday. Yonhap

Stocks of companies linked to key political figures cited as potential presidential candidates surged on Wednesday amid increasing calls for President Yoon Suk Yeol to resign following his sudden declaration of emergency martial law the day before.

At 9:40 a.m., Orient Precision traded at 1,470 won ($1.04), up 29.97 percent from the previous trading day, on the secondary Kosdaq market.

The automotive parts manufacturer is categorized as a prominent thematic stock related to Rep. Lee Jae-myung, chairman of the main opposition Democratic Party of Korea (DPK), as he previously worked at its affiliate, Orient Watch Company.

In the past, Lee officially announced his presidential candidacy at the factory of this affiliate.

Soosan INT, another stock classified as a Lee Jae-myung stock, also hit the upper price limit, trading at 11,400 won, up 29.99 percent from the previous day. This classification is due to the company’s CEO previously serving as a co-chair of the sponsorship committee for Lee’s campaign.

Other stocks related to Lee, including Atec, Atec Mobility and Eastaco, also hit their upper price limits, up 29.99 percent, 29.95 percent and 29.88 percent, respectively.

Atec is based in Seongnam, Gyeonggi Province, where Lee previously served as mayor.

Han Dong-hoon, chairman of the ruling People Power Party, arrives at the National Assembly in Seoul to attend the party's emergency meeting, Wednesday. Yonhap

Similarly, stocks related to Han Dong-hoon, chairman of the ruling People Power Party, surged, including Opasnet, which increased by 26.58 percent.

The IT service management company is considered a stock related to Han as one of its outside directors is known to have been his classmate at the Judicial Research and Training Institute.

Daesang Holdings also saw a sharp rise, up 21.08 percent on the main bourse KOSPI. The advertising agency is associated with Han due to his close friendship with actor Lee Jung-jae, whose partner, Lim Sae-ryung, the firm’s vice chair, is its second-largest shareholder.

Stocks related to Seoul Mayor Oh Se-hoon, such as Hanil Chemical and Jinyang Chemical rose with relatively lower intensity, up 3.81 percent and 0.22 percent, respectively.

Yoon declared emergency martial law late Tuesday night, accusing the opposition party of paralyzing the government with “anti-state activities.” But the decree was lifted six hours later at the National Assembly as 190 lawmakers rejected Yoon's decision in an emergency vote. Under the Constitution, martial law must be lifted when a parliamentary majority demands it.

Following Yoon’s declaration of martial law, which was criticized even by the ruling party leader, who said the action was wrong, the DPK urged the president to resign immediately. The party stated that they would push for impeachment if he does not step down.

Yoon’s term is scheduled to end on May 9, 2027.

The KOSPI closed at 2,467.76, down 32.34 points, or 1.29 percent, from the previous trading day, while the Kosdaq closed at 677.2, down 13.6 points, or 1.97 percent.