The share price of KOSPI-listed Mirae Asset Life Insurance was strong in early trading on the 24th. This is seen as driven by expectations after the third Commercial Act amendment bill passed The National Assembly's Legislation and Judiciary Committee the previous day, with a floor vote possible later today.
As of 10:03 a.m. that day, Mirae Asset Life Insurance was trading at 11,760 won, up 1,040 won (6.45%) from the previous session. It rose to as high as 20,150 won intraday, setting a 1-year high.
The third Commercial Act amendment bill requires, in principle, that corporations cancel treasury shares they hold within one year. Mirae Asset Life Insurance holds about 26% in treasury shares.
Mirae Asset Life Insurance said the previous day that, on a consolidation basis, it posted 198.7 billion won in pre-tax profit, the highest result on record.