[Featured Stock] Lee Nak-yeon, Sambutogeon Plummets 15% Amid Midterm Resignation Rumors... Camp Says "No Resignation"

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] Sambutogeon is plummeting on the 27th amid rumors of the withdrawal of Lee Nak-yeon, a presidential primary candidate of the Democratic Party of Korea.

As of 10:31 a.m. on the same day, Sambutogeon is trading at 2,515 won on the KOSPI market, down 15.89% from the previous day.

Sambutogeon emerged as a political theme stock as Lee's younger brother served as an executive, with the stock price soaring from the 700 won range in July last year to surpass 6,000 won in the same year. Sambutogeon, which had been steadily declining this year, recovered to 4,000 won in July when Lee announced his presidential candidacy.

However, after Lee was defeated by Gyeonggi Province Governor Lee Jae-myung in his stronghold of Jeonbuk region during the Democratic Party's presidential primary the day before, rumors of his mid-term withdrawal surfaced, causing the stock price to plunge again. Lee dismissed the withdrawal rumors on a radio broadcast that day. A representative from Lee's campaign emphasized, "A politician never withdraws as long as there is even one supporter."