Korean Won, Stocks Falter as Impeachment Lift Proves Fleeting
- Stocks give back gains following Yoon’s impeachment loss
- Impeachment still needs approval from Constitutional Court
A rally in South Korea following the impeachment of President Yoon Suk Yeol proved to be short-lived on Monday, with stocks and the currency reversing early gains as focus quickly shifted away from politics and back to the economy.
The benchmark Kospi Index ended the day 0.2% lower, while the won was slightly weaker against the greenback. The moves erased a brief period of optimism after the opening bell: The Kospi had jumped as much as 0.9% in early trading, putting it on track to erase all of its losses since the martial law move, while the currency gained as much as 0.5% against the dollar.