Shares of major holding companies surged on Tuesday after South Korea’s opposition People Power Party announced a more flexible stance on the government-led amendment to the Commercial Act.

Shares of HS Hyosung Corp. were trading 29.93 percent higher at 91,600 won ($67.7) as of 11:07 a.m. on Tuesday.

Other holding firms also gained sharply, with Hanwha Corp. rising 14.74 percent, DL Holdings up 9.83 percent, SK Inc. climbing 13.94 percent, LS Corp. advancing 8.63 percent, LG Corp. up 6.66 percent, and CJ Corp. gaining 5.98 percent.

The rally followed the opposition party’s announcement on Monday that it would consider the amendment more positively, increasing the likelihood that the bill could pass during the National Assembly’s extraordinary session, which ends on July 4.

A key provision of the proposed amendment is expanding directors’ fiduciary duty from “the company” to “the company and its shareholders,” aiming to better protect minority shareholders in major corporate decisions.

Holding companies have traditionally faced market skepticism due to high ownership concentration among founding families, which has raised concerns about decision-making that prioritizes controlling shareholders. This has often led to a valuation discount for such firms.

Meanwhile, shares of DL E&C Co. surged 10.62 percent to 57,300 won as of 11:13 a.m. on improving business performance and expectations for growth in the U.S. small modular reactor (SMR) market.

KB Securities Co. raised its target price from 62,000 won to 74,000 won, citing projected second-quarter earnings in line with market expectations, better housing cost ratios, and new opportunities stemming from expanded cooperation with U.S.-based SMR firm X-energy.

Despite a 69 percent rise in its stock this year, analysts believe the full value of the SMR business is not yet priced in.

Power equipment stocks also climbed on expectations of increased electricity demand and data center expansion.

LS and other related shares posted strong gains, with LS hitting a new intraday high.

IDC Korea forecast that domestic data center electricity demand will rise from 4,461 megawatts in 2025 to 6,175 megawatts by 2028.

The spread of generative AI is driving a surge in hyperscale data center demand, fueling power consumption.

Shares of HS Hyosung ended 29.93 percent higher at 91,600 won while those of Hanwha finished at 108,800 won, DL at 48,800 won, SK at 224,000 won, and LS at 211,000 won.

DL E&C stock closed 3.28 percent higher at 53,500 won.

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