Korean stocks diverge: Winners, losers of Yoon’s martial law debacle

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Korean stocks diverge: Winners, losers of Yoon’s martial law debacle - Korea Economic Daily

Quick Summary:

South Korean stocks showed clear divergences on Monday amid a mixed market outlook as President Yoon Suk Yeol’s martial law declaration, rejected by parliament, raised doubts about his political career as head of the country.

KAKAO GROUP SHARES RALLYIn contrast, companies highly exposed to political risks such as mobile platform Kakao Corp.rallied against the steady broader market on the prospect of an impeachment of Yoon.Kakao notched up a 8.50% gain to close at 46,600 won.

Lawmakers and some constitutionalists say Yoon’s martial law decree lacked the proper process stipulated by the national constitution and failed to meet the conditions for implementing such an emergency act.Doosan Enerbility Co., a nuclear power plant builder, lost 10.17% to end at 19,000 won, its lowest point in almost two months.Korea Gas Corp.(KOGAS), nosedived by 18.75% to close at 33,150 won, a six-month low.