{"id":1507600,"date":"2024-12-12T18:20:00","date_gmt":"2024-12-12T23:20:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1507600"},"modified":"2024-12-12T18:20:00","modified_gmt":"2024-12-12T23:20:00","slug":"kospi-rises-after-south-koreas-opposition-files-second-impeachment-motion-against-president","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/kospi-rises-after-south-koreas-opposition-files-second-impeachment-motion-against-president\/1507600\/","title":{"rendered":"KOSPI Rises After South Korea’s Opposition Files Second Impeachment Motion Against President"},"content":{"rendered":"

KOSPI Rises After South Korea’s Opposition Files Second Impeachment Motion Against President<\/span><\/p>\n

\n

South Korea’s main opposition Democratic Party (DP) filed a second impeachment motion<\/strong> against President Yoon Suk Yeol on Thursday, with a vote scheduled for Saturday.\u00a0<\/p>\n

DP spokeswoman Gang Yu-jeong said, “We have decided to reintroduce the impeachment motion today<\/strong>. It will be reported to the National Assembly on the 12th, and the vote will take place at 5 p.m. on Saturday<\/strong>.”<\/p>\n

Bloomberg<\/a> reports that the odds of this impeachment motion passing are much higher<\/strong> than before, as ruling party, People Power Party, members are expected to support it.<\/p>\n

“I strongly urge members of the ruling People Power Party to avoid being on the wrong side of history<\/strong> and to join the vote for passing the impeachment,” DP lawmaker\u00a0Kim Yong-min told reporters.\u00a0<\/p>\n

Bloomberg noted, “The opposition needs to secure 200 votes<\/strong> in parliament to pass the motion. An attempt to impeach Yoon last Saturday failed to reach that threshold<\/a> after his party boycotted the vote,” adding, “The opposition requires at least eight ruling party votes to pass the motion. So far, seven members<\/strong> have hinted that they would support moves to impeach Yoon.”\u00a0<\/p>\n

Also on Thursday, PPP, which initially refused to back last week’s impeachment while hoping Yoon would resign, shifted its stance<\/strong> after making no progress in convincing the president to step aside.<\/p>\n

“We tried to find a better way than impeachment, but that other way is invalid,” PPP leader\u00a0Dong-hoon said, adding,\u00a0“Suspending the president from his duties through impeachment is the only way for now, to defend democracy and the republic<\/strong>.”<\/p>\n

Yoon has been banned from traveling<\/a> overseas and faces mounting calls to step down after he declared emergency martial law<\/a> on Dec. 3,\u00a0accusing the\u00a0opposition party<\/strong> of conducting “anti-state activities.”\u00a0This marked the largest flare-up in political turmoil<\/strong> in South Korea since full-scale martial law was declared in the spring of 1980.<\/p>\n

Goldman’s\u00a0Goohoon Kwon and\u00a0Andrew Tilton provided clients<\/a> on Monday with several transition scenarios for Yoon:\u00a0<\/p>\n

<\/a><\/p>\n

In markets, the\u00a0Korea Composite Stock Price Index (KOSPI) moved higher<\/strong> by about 1.6% on the second round of impeachment news after sliding last week.\u00a0 \u00a0\u00a0<\/p>\n

“Some market watchers have been saying that his ouster will ease political uncertainty and help stabilize sentiment<\/strong>,” Bloomberg said.\u00a0<\/p>\n

<\/a><\/p>\n

Graham Ambrose,\u00a0managing director of Goldman Sachs’ equity franchise sales team in London, told clients last week that\u00a0there could be “buying opportunities in Seoul in coming days<\/a>.”<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 12\/12\/2024 – 13:20<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/kospi-rises-after-south-koreas-opposition-files-second-impeachment-motion-against-president<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

KOSPI Rises After South Korea’s Opposition Files Second Impeachment Motion Against President South Korea’s main opposition Democratic Party (DP) filed a second impeachment motion against…<\/p>\n","protected":false},"author":0,"featured_media":1507601,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1507600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1507600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1507600"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1507600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1507601"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1507600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1507600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1507600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}