[Asia Economy Reporter Hyungsoo Park] Stocks related to former Prosecutor General Yoon Seok-yeol, such as Deoksung and Dongyang, are showing strong performance. Reports that former Prosecutor General Yoon Seok-yeol will announce his entry into the People Power Party appear to have influenced the stock prices. With Yoon joining the People Power Party, the opposition presidential race is expected to enter a new phase.
At 1:04 PM on the 30th, Deoksung was trading at 25,250 KRW, up 19.1% from the previous day. Dongyang is also rising by more than 5%.
The Chosun Ilbo reported that former Prosecutor General Yoon visited the People Power Party headquarters in Yeouido, Seoul, on the afternoon of the same day to meet with Kwon Young-se, the chairman of the external cooperation committee. Afterwards, at 1:50 PM, he will hold a press conference at the party headquarters to announce his intention to join. A representative from Yoon’s side said, “Former Prosecutor General Yoon has decided to unite the people's hearts based on the People Power Party and work towards regime change.” It is known that Yoon conveyed this intention by phone to Lee Jun-seok, the leader of the People Power Party, who was on a provincial visit that day.
The People Power Party will begin the presidential primary race by accepting candidate registrations over two days, from the 30th to the 31st of next month. The final candidate will be selected at the party convention on November 9.
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