The stock prices of theme stocks related to Lee Jae-myung, the representative of the Democratic Party of Korea, are strong ahead of the ruling in the appeal trial regarding the violation of the Public Official Election Act.
The stock of Orient Precision Industries, considered a theme stock for Lee, traded at 7,450 won on the Korea Securities Dealers Automated Quotations (KOSDAQ) market at 9:41 a.m. on the 26th. The stock price increased by 5.37% (380 won) compared to the previous day. Early in the session, the stock price even soared to 7,730 won.
Other stocks identified as theme stocks for Lee, including Orient Bio, Dongsin Construction, e-STARCO, and ATEC, are also on the rise. It seems that investors aiming for a short-term surge have gathered ahead of the appeal ruling for Lee.
The Sixth Criminal Division of the Seoul High Court (Chief Judge Choi Eun-jung, Judges Lee Ye-seul and Jeong Jae-oh) will deliver a ruling on Lee’s case regarding the violation of the Public Official Election Act at 2 p.m. that day. This comes four months after the first ruling, in which Lee was sentenced to one year in prison with a two-year suspension.
Lee was prosecuted for publicly disseminating false information regarding the Daejang-dong project during a broadcast and a National Assembly audit of Gyeonggi Province ahead of the 20th presidential election in 2021.
The disputed statements are threefold. ▲Claiming that a photo taken during a business trip overseas showing him playing golf with the late Kim Moon-ki, a former head of Seongnam Urban Development Corporation, was manipulated; ▲Stating that the site of the Korea Food Research Institute in Baekhyeon-dong was changed in use under pressure from the Ministry of Land, Infrastructure and Transport; ▲And claiming that he did not know Kim Moon-ki.
The first-instance court found him guilty of intentionally lying regarding the claims made about golfing during an overseas trip and the statements about Baekhyeon-dong.