This CNBC report examines the resilience of South Korea's stock market (Kospi) amidst a series of political upheavals, including martial law, impeachment of the president, and a plane crash. The report highlights the history of presidential impeachments in Korea and the quick actions of the Bank of Korea as factors contributing to the market's stability.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribestarting the day in negative territoryshould be its"final step in the policy recalibration phase." That suggests that Bowman, who is a voting member of the Federal Open Market Committee,"to extract the best value for stakeholders.
Its resilience can be traced to Korea's political history and the Bank of Korea's swift — and perhaps serendipitous — actions. Yoon and Han Duck-soo are only the latest two presidential figures to be impeached in Korea's history. Prior to them, Roh Moo-hyun was impeached in 2004 , while Park Geun-hye was impeached in 2016 and removed from office the next year.
"Presidential impeachments aren't unprecedented in Korea, and the country's equities, at least, ultimately fared quite well during the most recent one in 2016/2017," Thomas Mathews, head of markets for Asia Pacific at Capital Economics, Uncertainties caused by the Korea's past two impeachments"have subsided within three to six months," Soohyung Lee, Monetary Policy Board member at the Bank of Korea,on Jan. 2, so"it's possible that the political turmoil may not take as much of a toll on the country's economy."by the BOK at its November meeting, enacted before Yoon declared martial law in December, could have cushioned the blow.
South Korea Stock Market Kospi Political Turmoil Impeachment Economy Bank Of Korea
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