Trump’s praise of pen spurs 60% rally in South Korean stationery stock
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US President Donald Trump looks at the handcrafted wooden pen during the first summit with South Korean counterpart Lee Jae Myung.
PHOTO: AFP
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SEOUL - A compliment from US President Donald Trump sent shares of a South Korean pen maker to their highest level in 19 months.
The pen is a custom-made fountain pen crafted by non-listed Zenyle, a South Korean company known for its handmade wooden writing instruments, using a nib from Monami, a listed stationery company.
Monami shares jumped as much as 24 per cent on Aug 26, bringing their two-day gains to more than 60 per cent.
The brown pen features engravings of a Korean traditional phoenix that was handmade by Zenyle.
Zenyle confirmed on its website that it produced the pen at the South Korean presidential office’s request. The firm has suspended pen sales entirely as orders surged. The pen that South Korean President Lee Jae Myung used is not for sale, Zenyle added.
Its pen caught Mr Trump’s attention during his first in-person meeting with Mr Lee
For nearly two minutes, he asked questions about the pen’s origin and held it before the two leaders moved to a closed-door meeting, according to local media JTBC News.
“That’s a nice pen,” Mr Trump said in a video. “The writing is beautiful, the thickness.”
Mr Trump drew some laughter during the exchange as he asked his aides to “grab that pen for me”.
Mr Lee promptly gifted the pen to his US counterpart, saying “it will be useful in your complicated signature”.
During the summit, Mr Lee agreed to stick to terms of a recent tariff agreement with the US and work together with Mr Trump’s administration on North Korea, collective security and shipbuilding.
The meeting was also followed by news that Korean Air plans to order more than 100 Boeing jets and Hyundai Motor will increase its investment in the US to US$26 billion (S$33.5 billion) from US$21 billion through 2028. BLOOMBERG
