Ryu Jin, chairman of the Poongsan Group and the president of the Korea Economic Association, saw a surge in shares of Poongsan Group following news that he has been invited to the inauguration of U.S. President Donald Trump next month.

Shares of Poongsan Holdings traded at 29,000 won on the KOSPI market at 9:17 a.m. on the 24th, rising 11.32% (2,950 won) from the previous day. Early in the trading session, the stock price even climbed to 33,850 won.

Ryu Jin, the Chairperson of the Korea Economic Association, gives an opening speech at the 35th U.S.-Korea Plenary Meeting held at the U.S. Chamber of Commerce in Washington, D.C. on Oct. 10 (local time). /Courtesy of Korea Economic Association

At the same time, Poongsan's shares were also trading at 53,000 won, up 4.13% (2,100 won) from the previous day. The stock price briefly soared to 61,700 won earlier in the trading session. Observers believe that speculation about Chairman Ryu meeting with the president-elect Trump influenced investor sentiment.

The Korea Economic Association noted that Chairman Ryu is considering attending the inauguration of President-elect Trump, scheduled for January 20, 2025. Ryu is reported to have connections not only with the U.S. business community but also with political figures in both the Republican and Democratic parties.

As the second Trump administration approaches, the interactions between owners and the president-elect are influencing stock prices. Chung Yong-jin, chairman of Shinsegae Group, saw Shinsegae's stock price jump after visiting the U.S. to meet with Trump, and previously, shares of SM Group also rose following news that Woo Oh-hyun, chairman of SM Group, was invited to the presidential inauguration.