South Korea is on track for its fifth straight day of gains

South Korean markets made early gains on Monday after… President Yeon Suk-yeol was impeached on saturday.

The second attempt at the National Assembly in South Korea isolation Yoon succeeded when 204 lawmakers voted in favor of the proposal, crossing the two-thirds barrier required to remove Yoon in the 300-seat chamber.

The vote was prompted by Yoon’s short-lived declaration of martial law, which threw the country into political turmoil.

Blue chip Cosby It rose early Monday morning, but pared gains later in the session. The Kosdaq small-cap index rose 0.7%. If both indices end the day in positive territory, it will be the fifth consecutive day of gains for both indices.

Yun declared martial law late on December 3, marking the first time in more than 40 years that Asia’s fourth-largest economy has witnessed martial law declared. he He canceled the order hours later After 190 lawmakers voted against the declaration.

The KOSPI has risen about 2.2% since the close on December 3 – the last trading day before martial law was declared, and the KOSDAC has risen about 1.1%.

Both indices rebounded strongly last week after that Initially falling following The volatility of martial law and the failure of the first vote to impeach the president. The Cosby He reached his lowest point Since November 2023 on December 9th.

The KOSPI has gained about 6% since its decline on December 9, while the KOSDAC has risen about 11% since then.

Opposition representatives have paid Initial vote to impeach the president on December 7, But that failed to get the 200 votes needed to remove Yoon after lawmakers from the ruling People Power Party withdrew from the chamber.

But last week, PPP leader Han Dong-hun backed away from his previous defense of Yoon and called for the leader’s impeachment, paving the way for more party members to participate in the vote.

Monday Han He announced at a press conference He will step down from his position amid growing conflict within his party.

Meanwhile, Yun Suspended from state duties After Saturday’s vote, Prime Minister Han Dak-soo will take over as acting president.

The impeachment process is now underway It was passed to the Constitutional Court of South Koreawhich must then decide whether to confirm or deny Yoon’s removal.

According to the Constitutional Court Law of 1988, the Constitutional Court must make a final decision within 180 days. If Yoon chooses to leave office before the court’s decision, the impeachment case will be dismissed.

Investors will continue to evaluate the political situation as South Korean lawmakers and officials move to reassure allies, financial markets and the public.

The South Korean Ministry of Finance said in statements on Monday that the state of uncertainty in the country’s political system decreased after Yoon’s dismissal, stressing that the economic system remains stable, according to the South Korean Ministry of Finance. Local media reports.

One day ago, the new acting president of South Korea took office Phone call with US President Joe Biden and It is said He assured him that South Korea would implement its foreign and security policies without interruption.

As did the leader of South Korea’s main opposition party Announce It will not seek to impeach Han over his involvement in declaring martial law, and has instead offered to work with the government to ease tensions.

In a research note on Monday, Citibank said it expects the Constitutional Court to uphold Yoon’s impeachment around mid-March next year, which would lead to a presidential election around early or mid-May 2025.