[Asia Economy Reporter Park Hyungsoo] It appears that the news of Kim Jong-in, the Emergency Committee Chairman of the People Power Party, stepping down after the April 7 by-elections is influencing the stock prices of theme stocks. This is because there is speculation that Kim, who is helping former Prosecutor General Yoon Seok-yeol, a leading presidential candidate, settle into politics, could play a new role in the upcoming presidential race.
As of 3:07 PM on the 6th, NE Neungyul is trading at 20,800 won, up 29.19% from the previous day. Wonik Cube is also rising nearly 10% compared to the previous day.
Kim has stated, "I will step down immediately after the by-elections." Recently, he reiterated, "I will leave the party after the Emergency Committee meeting on the morning of the day after tomorrow (the 8th)."
Once the election ends and Kim steps down, the People Power Party will enter a preparation phase for a party convention to elect new leadership.
Kim, regarded as a political veteran, has seen his value soar in the presidential race. Previously, Kim played the role of a "kingmaker," helping 'presidential candidate Park Geun-hye' in 2012 and 'presidential candidate Moon Jae-in' in 2017 become presidents. There are also forecasts that he could play a role in uniting former Prosecutor General Yoon Seok-yeol, who has emerged as a leading opposition presidential candidate, either in a third zone or by serving as a link to the main opposition party, the People Power Party. Earlier, Kim referred to Yoon as having "seized a 'moment of the star.'"
Meanwhile, NE Neungyul and Wonik Cube have distanced themselves from the sharp rise in stock prices linked to theme stocks, stating they have no business relationship with former Prosecutor General Yoon.
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