[Special Stock] Jeju Bank Soars to Record High, Drops 22% After Spouse Disclosure
![[Special Stock] Jeju Bank Soars to Record High, Drops 22% After Spouse Disclosure](http://www.asiae.co.kr/news/img_view.htm?img=2017100111532665469_1.jpg)
[Asia Economy Reporter Minji Lee] Jeju Bank, which had surged on rumors of converting to an internet bank, is now falling more than 20% in just one day.
At 9:57 a.m. on the 22nd, Jeju Bank was trading at 10,750 KRW, down 22.4% from the previous trading day. The company's stock price dropped to 10,750 KRW during the session. Jeju Bank had risen nearly 70% over the past four trading days, continuously hitting new highs, but is now showing a sharp decline in just one day.
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The news that Shinhan Bank's board was discussing a proposal to convert Jeju Bank into an internet bank had driven the stock price up, but the price fell after Shinhan Financial Group denied the report the previous day. On the previous day, both Shinhan Financial Group and Jeju Bank denied the Korea Exchange's inquiry regarding significant market fluctuations, stating, "There are no disclosures within the next month or any ongoing developments or other important information that would require disclosure."
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