The People Power Party presidential candidate Hong Joon-pyo, who faced a setback in the party's primary, announced his retirement from politics on the 29th, causing the stock prices of related companies to decline.
According to the Korea Exchange, as of 2:55 p.m. on that day, Humax Holdings was trading at 2,010 won, down 500 won (19.92%) from the previous trading day. Humax Holdings was linked as a theme stock because its CEO, Byeon Dae-kyu, is known to be an alumnus of Hong's alma mater, Daegu Yeongnam High School.
At the same time, Bokwang Industry was also trading at 4,010 won, down 310 won (7.18%) from the previous trading day. Dongbang Ship Machinery and Samil saw their stock prices drop by 2.14% and 9.94%, respectively. Bokwang Industry and Dongbang Ship Machinery are considered related stocks due to their regional ties as they are headquartered in Daegu and Changwon in Gyeongnam Province, while Samil, which had served as the general chief of Hong's campaign for the 19th presidential election, was also classified as a related stock.
Gyeongnam Steel was trading at 3,355 won, down 1,435 won (29.96%) from the previous trading day. Gyeongnam Steel is considered a theme stock for Hong because it is located in his hometown of Changwon, Gyeongnam Province. Additionally, it became classified as a related stock after it was revealed that Choi Choong-kyung, chairman of Gyeongnam Steel, had participated in events alongside Hong during his tenure as chairman of the Gyeongnam Chamber of Commerce. Regarding this, Hong noted, "They say it is my stock, but I do not know Gyeongnam Steel."
On that day, People Power Party presidential candidates Kim Moon-soo and Han Dong-hoon were determined to be the final two to advance to the runoff based on the results of the second primary. Hong Joon-pyo and Ahn Cheol-soo were eliminated.
At the results announcement ceremony for the second primary held at the People's Power Party headquarters in Yeouido, Seoul, Hong said, "Dear citizens and party comrades, thanks to your support over the past 30 years, I have graduated from my political life today in a truly wonderful and clean way," and added, "I am really grateful."