Unification stocks surge on Trump-Kim meeting speculation
Stocks linked to inter-Korean business projects surged on Monday after reports suggested President Donald Trump might meet North Korean leader Kim Jong-un ahead of next week’s APEC summit in Gyeongju. Shares retreated later in the week when Pyongyang launched ballistic missiles on Wednesday.
Ananti gained 6.63 percent on Monday while Hyundai Elevator climbed 4.4 percent. The resort operator built facilities at Mount Kumgang, and Hyundai Elevator holds the largest stake in Hyundai Asan, which controls tourism rights there. Manufacturers that operated in the Kaesong Industrial Complex rose between 6.79 and 14.9 percent.
Analysts cautioned that speculation drives these equities rather than financial performance. Similar rallies collapsed in 2019 after nuclear talks between Trump and Kim failed in Hanoi, erasing 5.59 trillion won in market value.
North Korea conducted its first missile tests in five months as Seoul prepares to host world leaders at the economic forum.
