Impeachment chaos drags Kospi below 2,400 and Kosdaq to two-year low

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Published: 06 Dec. 2024, 11:35 Updated: 06 Dec. 2024, 14:24

SHIN HA-NEE
[email protected]

A screen in Hana Bank's trading room in central Seoul on Thursday. [YONHAP]

Korea’s benchmark stock index dropped amid surging political uncertainties, as an impeachment motion against President Yoon Suk Yeol gains further traction with the leader of Yoon’s People Power Party calling for the president's "immediate suspension from duty."

The local currency is also sharply losing value against the dollar on Friday.

The Kospi briefly dipped below the 2,400 mark at around 10:55 a.m., reaching 2,397.73, down 1.8 percent from the previous session's closing price.

As of 11:43 a.m., the Kospi was down 0.25 percent, or 6.11 points, at 2,435.74. The Kosdaq, after plunging to a four-year low of 644.39 at around 11:00 a.m., stood at 659.11, down 1.76 percent, or 11.83 points.

The won-dollar exchange rate stood at 1,426.1 won per dollar as of 10:55 a.m., up more than 10 won from the previous session’s closing rate of 1,415.1.

BY SHIN HA-NEE [[email protected]]