[Featured Stock] 'Russia Vaccine Theme Stock' Ihwa Jeon-gi Experiences Stock Price Volatility

[Asia Economy Reporter Ji Yeon-jin] Kosdaq-listed company Ihwa Electric is experiencing a rollercoaster ride in its stock price as it is grouped as a Russian COVID-19 vaccine-related stock.

As of 9:16 AM on the 27th, Ihwa Electric is trading at 302 won on the Kosdaq market, up 13.48% compared to the previous day.

These companies saw their stock prices surge more than 20% for two consecutive days after President Moon Jae-in mentioned the introduction of the Russian COVID vaccine. However, the Korea Exchange announced on the 23rd that they would designate these stocks as investment warning stocks, causing a 27.84% drop the previous day.

Ihwa Electric emerged as a Russian vaccine-related stock because its largest shareholder, Etron, is an affiliate of EID, which invested 10 billion won in December last year in the ‘Sputnik Chorus No. 1 Association.’ This is due to EID holding a 15.2% stake in Korea Chorus, which is preparing for the domestic contract manufacturing of Sputnik V.