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Investing.com-- A compliment from U.S. President Donald Trump sparked a two-day rally in shares of South Korean pen maker Monami (KS:005360) this week, with the stock reaching its highest level in 19 months on Wednesday.
Monami rose as much as 24% to 3,190 yen on Wednesday, bringing its total gains since Tuesday to about 60%. The stock vastly outperformed a middling performance in the KOSPI benchmark over the past two days.
Trump complimented a handcrafted, wooden fountain pen used by South Korean President Lee Jae Myung during their first ever in-person meeting in Washington this week.
“Is that your pen? It’s a nice pen. Do you want to take it with you?" Trump told Myung at the Oval office. “I like it. The writing is beautiful, the thickness. Grab that pen for me.
Myung said he would gift the pen to Trump, calling it an “honour.” Trump said he will not use the pen but instead “keep it in a very important place.”
South Korean media reports showed that the pen was not made by Monami– a local household staple for stationery, and was instead made by Zenyle, a local company that specializes in handmade pens.
But Monami’s shares surged on apparently misguided speculation that it had made the pen. Reports showed that some Monami components were used in making the pen.