Cement Maker Climbs 103% as Election Boosts Korean Meme Stocks
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A South Korean cement maker’s stock has surged as retail investors pile into bets seen as tied to the nation’s upcoming presidential election and its front-runner Lee Jae-myung.
Shares of Sungshin Cement Co. climbed as much as 29% Tuesday, taking its three-day gain to 103%, helped by Lee’s proposal to move more government offices to the administrative capital Sejong. The 58-year-old company, which has plants in Sejong, has led gains on the benchmark Kospi over the past three sessions.