Ahn Cheol Soo, the founder of South Korea’s biggest anti-virus software maker, dropped out of the country’s presidential race. But he wasn’t the only one affected by his unsuccessful bid to lead Asia’s fourth-biggest economy.
Stock in his company, Ahnlab, tumbled by the daily limit of 15 percent today, as did Sunny Electronics, which has a vice president who used to work for Ahnlab. Investors had been banking on Ahn to help out his friends if elected, Hyundai Securities analyst Min Kim told Bloomberg News. When the independent candidate pulled out, so did investors.
That’s one less challenger to Park Geun Hye, the candidate from the ruling New Frontier Party who’s seeking to become the first female leader of South Korea. And it was good news for Shinwoo, which rallied 15 percent on the announcement.
Park’s sister-in-law used to be a director there.