[Market Focus] Han Ducksoo Set to Announce Presidential Bid... Iljeong Industrial, Taeyoung Group Surge

In early trading on May 2, stocks related to former Prime Minister Han Ducksoo surged sharply. As Han is scheduled to announce his candidacy for the presidential election on this day, buying activity appears to be flowing into these stocks.

As of 9:27 a.m., shares of Iljeong Industrial were trading at 31,850 won on the Korea Exchange, up 30% from the previous trading day. The stock has hit the upper price limit for four consecutive sessions. Iljeong Industrial is considered a representative Han Ducksoo-themed stock, as Vice Chairman Ko Dongsoo previously served as a private sector member of the Regulatory Reform Committee alongside Han.

TY Holdings Preferred shares also hit the upper price limit, rising 30% to 6,500 won compared to the previous session. In addition, Taeyoung Construction (up 17.91%), Taeyoung Construction Preferred shares (up 16.84%), and TY Holdings (up 11.89%) are also showing strong gains. These stocks are grouped as related stocks because the owner families and management have academic ties with Han. Taeyoung Group Chairman Yoon Seokmin attended Seoul National University and Harvard University with Han, while Taeyoung Construction Vice Chairman Choi Geumrak is an alumnus of Kyunggi High School and Seoul National University with Han.

On the previous day, Han announced his resignation from public office in a national address at the Seoul Government Complex. On this day, he is scheduled to declare his candidacy for the presidential election at the National Assembly.