In early trading on the 23rd, insurance stocks rose together. The move was attributed to expectations that the third Commercial Act revision bill, centered on mandatory cancellation of treasury shares, will pass the National Assembly.
As of 9:39 a.m. that day on the KOSPI market, Mirae Asset Life Insurance was trading at 15,130 won, up 2,730 won (22.02%) from the previous session. It also traded at 16,120 won in early trading, up to the 30% price-increase limit.
In addition, Heungkuk Fire&Marine Insurance (7.47%), Samsung Life Insurance (5.25%), Hyundai Marine & Fire Insurance (6.83%), and DB Insurance (7.38%) were also strong together.
The third Commercial Act revision bill appeared to be bolstering investor sentiment. On the 20th, the third Commercial Act revision bill passed the National Assembly's Legislation and Judiciary Committee (Judiciary Committee) Subcommittee on Bill Review 1. If it passes the Judiciary Committee's full session that afternoon, it could be submitted to the National Assembly's plenary session as early as the 24th.
Meanwhile, Hyundai Marine & Fire Insurance's treasury share ratio is 12.29%, DB Insurance's is 12.6%, and Samsung Life Insurance's is 10.21%.