Protesters demand the removal of South Korean President Yoon Suk Yeol as they react following the results of the second martial law impeachment vote outside the National Assembly in Seoul on December 14, 2024.
Anthony Wallace AFP | getty images
South Korean markets made early gains on Monday after Impeachment of President Yoon Suk Yeol On Saturday.
Second attempt at National Assembly of South Korea Finding guilty Yoon was successful as 204 lawmakers voted in favor of the motion, surpassing the two-thirds threshold needed to impeach Yoon in the 300-seat House.
The vote was triggered by Yun’s short-lived declaration of martial law, which threw the country into political turmoil.
blue-chip Kospi There was a rise on Monday morning, but the gains diminished in the later session. The small-cap Kosdaq was 0.7% higher. Should both the indices end in positive territory today, it would be the fifth consecutive day of gains for both the indices.
Yun declared martial law late on December 3, the first time martial law has been declared in Asia’s fourth-largest economy in more than 40 years. He Order canceled after few hours After 190 MPs rejected the announcement.
The Kospi has gained about 2.2% since the close on December 3 – the last trading day before martial law was declared, and the Kosdaq has gained about 1.1%.
There was a strong rise in both the indices last week. fall following start Martial law flopped and the first impeachment vote failed. Kospi reached its lowest point From November 2023 to December 9.
The Kospi has gained about 6% since its Dec. 9 low, while the Kosdaq has gained about 11% since then.
Opposition MPs had pushed back Preliminary impeachment vote on December 7, But he failed to muster the 200 votes needed to impeach Yun as lawmakers from his ruling People’s Power Party walked out of the chamber.
Since Saturday’s vote, there has been suspended from state duties Prime Minister Han Duck-soo serves as acting president.
The impeachment process is currently underway Constitutional Court of South Korea passed Which must then decide whether to confirm or reject Yoon’s expulsion.
According to the Constitutional Court Act of 1988, the Constitutional Court must make a final decision within 180 days. If Yoon chooses to step down before the court’s decision, the impeachment case is dismissed.
Investors will continue to assess the political situation as South Korean lawmakers and officials move to reassure allies, financial markets and the public.
South Korea’s Finance Ministry said in comments Monday that uncertainties in the country’s political system have reduced following Yoon’s impeachment, stressing that the economic system remains stable. Local media report.
The new acting President of South Korea was appointed a day earlier. A call with US President Joe Biden And Allegedly Assured them that South Korea will implement its foreign and security policies without any interference.
He is also the leader of South Korea’s main opposition party. announced It will not seek to impeach Han over his involvement in the martial law declaration and has instead offered to work with the government to de-escalate tensions.
