Korean market to open as usual as martial law-triggered overnight turmoil begins to subside

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Korean market to open as usual as martial law-triggered overnight turmoil begins to subside

Published: 04 Dec. 2024, 08:16 Updated: 04 Dec. 2024, 14:32

SHIN HA-NEE
[email protected]

Audio report: written by reporters, read by AI

Minister of Economy and Finance Choi Sang-mok speaks during an emergency meeting held in central Seoul on Wednesday morning. [MINISTRY OF ECONOMY AND FINANCE]

The financial authorities decided to provide unlimited liquidity in order to address the market jitters following President Yoon Suk Yeol’s shocking emergency martial law declaration.

The market will operate as usual, as the turmoil overnight triggered by the declaration has gradually subsided.

The decision was made during the Emergency Meeting on Macroeconomic and Financial Issues, which began at 7 a.m. Wednesday in central Seoul, attended by Minister of Economy and Finance and Deputy Prime Minister Choi Sang-mok, Bank of Korea Gov. Rhee Chang-yong, Financial Services Commission Chairman Kim Byoung-hwan and Financial Supervisory Service Gov. Lee Bok-hyun.

The attendees agreed to provide unlimited liquidity into the capital and financing markets until the situation stabilizes.

The won-dollar exchange rate, which soared as high as 1,444 per dollar after the announcement, closed at 1,415.80 at 2 a.m.

BY SHIN HA-NEE [[email protected]]