President Donald Trump has revealed that North Korean leader Kim Jong Un responded to his proposal for dialogue, triggering a sharp rise in stocks linked to inter-Korean economic cooperation.
As of 9:42 a.m. (Korean time) on Tuesday, GoodPeople hit its daily limit, soaring 99 KRW (about 0.07 USD) (30.00%) to 429 KRW (about 0.3 USD). Codes Combine also surged 810 KRW (about 0.57 USD) (30.00%) to 3,510 KRW (about 2.49 USD), while In the F jumped 550 KRW (about 0.39 USD) (29.81%) to 2,395 KRW (about 1.70 USD), all reaching their price ceilings.
Ilshin Stone climbed 145 KRW (about 0.10 USD) (25.39%) to 716 KRW (about 0.51 USD), and Ananti traded at 4,875 KRW (about 3.45 USD), up 925 KRW (about 0.66 USD) (23.42%).
The rally in inter-Korean cooperation stocks is largely attributed to President Trump’s recent conciliatory messages towards North Korea, which have fueled expectations for renewed dialogue between Washington and Pyongyang.
According to Reuters reports on Monday, President Trump confirmed in the Oval Office that Kim had responded to the proposal for dialogue. When pressed about the progress of talks with North Korea, Trump described it as very positive.
However, the President did not disclose any details about the timing, method, or specific content of his communications with Kim. North Korea has also not officially confirmed any related contacts.
On August 15, Trump posted a photo on his social media platform from his June 2019 meeting with Kim at Panmunjom. The following day, he instructed the Department of Defense to significantly scale back U.S.-South Korea joint military exercises.
GoodPeople and In the F are categorized as inter-Korean cooperation stocks due to their previous operations in the Kaesong Industrial Complex. Codes Combine is associated with these stocks because of its major shareholder’s past involvement in the complex.
Ananti previously pursued golf course and resort projects in the Mount Kumgang tourist area. Ilshin Stone is considered an inter-Korean cooperation stock due to the past North Korea-related activities of its largest shareholder, the Family Federation for World Peace and Unification Maintenance Foundation.