Korean financial assets are expected to recover as the latest impeachment vote will ease the political chaos, analysts said.“The impeachment is predicted to accelerate the settlement process and stabilize the situation,” said Lee Kyung-min, an analyst at Daishin Securities.“It could be repeated that hopes for a regime change boosted rebound momentum in the past.”Domestic financial markets recovered in 2016 when lawmakers voted to impeach former President Park Geun-hye and the Constitutional Court determined to dismiss her as president.
South Korea’s parliament voted to impeach President Yoon Suk Yeol on Saturday over his stunning martial law decree, suspending him from office, in a move to ease political turmoil and stabilize financial markets in Asia’s fourth-largest economy.
The National Assembly passed the motion with 204 votes in favor, 85 votes against, three abstentions and eight invalid votes out of the 300 lawmakers.“The National Assembly and the government will work together to quickly stabilize people’s livelihoods and daily lives while preventing external and internal concerns and worries about all aspects including the economy, diplomacy and defense from growing,” National Assembly Speaker Woo Won-shik said after the impeachment.
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