Wednesday, December 4, 2024

Seoul stocks sink amid S. Korea drama as Asian markets struggle

 South Korean stocks sank more than two percent Wednesday while the won rebounded from earlier losses after President Yoon Suk Yeol dramatically declared martial law overnight before reversing the decision hours later. 

The shock announcement sent shivers through the trading floor in Seoul and fuelled a political crisis in Asia's third-biggest economy, with the already unpopular Yoon facing a possible impeachment.

Investors are now keeping a close eye on developments in the country, with analysts pointing out that the upheaval comes as authorities steeled for the second presidency of Donald Trump, who has vowed to reignite his hardball trade policy.(AFP)

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