Protesters calling for the removal of South Korean President Yoon Seok-yeol react after the results of the second martial law impeachment vote outside the National Assembly in Seoul on December 14, 2024. Martial law failed.
Anthony Wallace | AFP | Getty Images
South Korean markets were on track to gain for a fifth straight day since President Yoon Seok-yeol was impeached on Saturday.
South Korea’s National Assembly’s second attempt to impeach Yoon succeeded, with 204 members voting in favor of the motion, exceeding the two-thirds threshold required to impeach Yoon among the 300 members. The vote was triggered by Yoon Eun-hye’s brief declaration of martial law.
blue chip stocks Cospi It was up 0.1% on Monday morning, while the small-cap Kosdaq index was up 0.58%.
Yin declared martial law on the evening of December 3, the first time Asia’s fourth-largest economy has declared martial law in more than 40 years. Hours later, he revoked the order after 190 MPs voted to reject the statement.
Opposition lawmakers proposed a preliminary impeachment vote on December 7, but it failed to pass the 200-vote threshold needed to impeach Yoon after members of the ruling People’s Power party quit the House.
Since the close on December 3, the last trading day before martial law was declared, the Kospi has gained about 2.2% and the Kosdaq has gained about 1.1%.
Both indexes rebounded strongly last week after initially falling following the sudden shift to martial law and the failure of the first impeachment vote. On December 9, the composite stock price index hit its lowest level since November 2023.
The Cospi has gained about 6% since its Dec. 9 low, while the Kosdaq has gained about 11% since then.
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