SEOUL - The South Korean government has decided to inject an additional 100 billion won (S$94 million) to stabilise the local stock market battered by deepening political uncertainty after President Yoon Suk Yeol averted impeachment last week.
On Dec 9, the first trading day after the failed motion to impeach Mr Yoon, the benchmark Kospi and secondary Kosdaq plummeted to new 52-week lows, while the Korean currency approached its weakest point since 2009.
Finance Minister Choi Sang-mok vowed that the government will spare no efforts to ensure all available market stabilisation measures are implemented immediately.
"Other market stabilisation measures, such as the stock stabilisation fund, are being prepared for immediate deployment at any time," he added.
He said this during a meeting with three other top economic policymakers on Dec 9. Bank of Korea governor Rhee Chang-yong, Financial Services Commission chairman Kim Byoung-hwan and Financial Supervisory Service governor Lee Bok-hyun were in attendance to evaluate the current situation in the financial and foreign exchange markets and discuss future response plans.
This story is from the December 10, 2024 edition of The Straits Times.
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This story is from the December 10, 2024 edition of The Straits Times.
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