Korean markets tumble amid impeachment talks
(Yonhap)
South Korea’s stock markets dropped sharply Friday as political tensions intensified over calls to impeach President Yoon Suk Yeol, adding pressure to an already fragile investment landscape.
As of 11:05 a.m., the Kospi, South Korea’s main stock index, fell 31.56 points, or 1.29 percent to 2,410.49. Although the market opened slightly higher due to bargain-hunting after recent declines, those early gains quickly reversed.
Investor sentiment appeared mixed. Retail and foreign investors sold shares worth 170 billion won ($119.5 million) and 78 billion won, respectively, while institutional investors bought a net 240 billion won worth of shares. However, institutional buying wasn’t enough to stabilize the market.
Losses were even steeper on the tech-heavy Kosdaq market, which tumbled 2.88 percent to 651.61 -- a new low for the year. The index even briefly dipped below the 650-point mark.
The selloff coincides with growing political turmoil. On Friday, Han Dong-hoon, leader of the ruling People Power Party, announced support for a motion in the National Assembly to impeach President Yoon Seok Yeol.
“I have decided that President Yoon’s suspension of duties should move forward as quickly as possible,” Han said.
