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[Market Now] AhnLab shares up on founder’s election victory

Shares in AhnLab, a security software provider, rallied on the Seoul bourse on Thursday morning, buoyed by a boost in political fortunes of its founder Ahn Cheol-soo in Wednesday’s elections.

As of 10:35 a.m., the shares were trading at 74,100 won, 5.41 percent higher than the previous close. 

Ahn Cheol-soo (Yonhap)
Ahn Cheol-soo (Yonhap)

Ahn, a doctor, venture entrepreneur-turned politician, is the largest shareholder in the firm, with an 18.57 percent stake.

His People’s Party has emerged as the third-largest negotiating bloc on Korea’s single-chamber, 300-member parliament, securing 38 seats in Wednesday’s election. Ahn, who also bagged a crushing victory in his own constituency, is considered a potential presidential candidate.

By Lee Sun-young (milaya@heraldcorp.com)
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