[Market Focus] Sunny Electronics Jumps Over 9% on Ahn Cheolsoo's Advancement to Second Primary Round

On April 23, stocks related to Ahn Cheolsoo, a presidential primary candidate for the People Power Party, surged sharply in early trading following news of his advancement to the second round of the primary.

As of 9:44 a.m. that day, shares of Sunny Electronics on the Korea Exchange were trading at 2,140 won, up 9.07% from the previous trading day. The stock had jumped to as high as 2,360 won immediately after the market opened before pulling back slightly.

At the same time, shares of AhnLab on the KOSDAQ market were trading at 72,000 won, up 4.35% from the previous session. AhnLab also climbed to 76,800 won right after the opening but its upward momentum eased somewhat afterward.

The buying trend is believed to have been driven by the announcement the previous day that Ahn had advanced to the second round of the People Power Party's first primary (cutoff). AhnLab is considered a representative "Ahn Cheolsoo theme stock" because Ahn is the largest shareholder with a 16.72% stake as of the end of last year. Sunny Electronics is also classified as an Ahn Cheolsoo theme stock because former CEO Song Taejong previously worked at AhnLab.