[Asia Economy Reporter Yoo Hyun-seok] Phoenix Materials is showing strong performance. This is interpreted as being influenced by Choi Jae-hyung, the Chairman of the Board of Audit and Inspection, emerging as a presidential candidate from the opposition camp.
As of 9:07 AM on the 21st, Phoenix Materials was trading at 1,650 KRW, up 13.40% (195 KRW) compared to the previous trading day. At the same time, Openbase hit the upper price limit, and Iruon surged 26.79%.
On the 20th, according to a survey conducted by PNR Research on behalf of the Future Korea Institute and Money Today, polling 1,003 adults nationwide on the 19th, Choi Jae-hyung ranked 5th with 4.5% in response to the question "Who is suitable as the next presidential candidate?" The first place was former Prosecutor General Yoon Seok-youl with 33.9%.
Additionally, according to JoongAng Ilbo, a close aide of Chairman Choi stated that after attending the National Assembly's Legislation and Judiciary Committee on the 18th, Choi met with acquaintances over the weekend to discuss the timing of his resignation. The aide also reported that Chairman Choi has already leaned toward running in the presidential election.
Earlier, on the 18th, during the full meeting of the National Assembly's Legislation and Judiciary Committee, Choi responded to a question from Choi Kang-wook, a member of the Open Democratic Party, who asked, "Is it appropriate for the Chairman of the Board of Audit and Inspection to run for election immediately after finishing his duties, considering political neutrality?" by saying, "I think there are various judgments on that matter."
Phoenix Materials is considered a related stock because CEO Hong Seok-gyu is an alumnus of Kyunggi High School and Seoul National University, the same schools as Chairman Choi Jae-hyung.
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