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Stocks and currency fell – crisis meeting awaits

South Korean stocks and currency fell after the announcement on Tuesday that the country's president Yoon Suk-Yeol had introduced martial law. The country's monetary policy board is holding an extraordinary meeting on Wednesday.

» Published: 03 December 2024

Stocks and currency fell – crisis meeting awaits
Photo: Envato Elements

An index of over 90 large and medium-sized South Korean companies listed on the New York Stock Exchange plummeted within a couple of hours after the president's announcement by 7 percent to its lowest level in 12 months, reports CNBC.

Subsequently, the stocks recovered and three hours later, the index was at around minus 2.5 percent.

The domestic currency, the won, fell by approximately 1.9 percent against the dollar.

South Korea's economy is ranked 13th on the list of the world's largest.

On Wednesday morning, the central bank's monetary policy committee will hold an extraordinary meeting to discuss how to protect the markets from the consequences of the political chaos.

The decision to hold the meeting came before the president, in a televised address, promised to repeal the martial law.

Meanwhile, the authorities are promising to release "unlimited liquidity" to support the markets.

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TTT
By TTThis article has been altered and translated by Sweden Herald

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