Won strengthens, stocks rebound as Constitutional Court ousts Yoon

Former President Yoon Suk Yeol Yonhap — Former President Yoon Suk Yeol/ Yonhap

SEOUL, April 4 (AJP) - South Korean financial markets rallied briefly on Friday after the Constitutional Court unanimously ruled to remove President Yoon Suk Yeol from office, bringing a dramatic end to months of political uncertainty.

In the minutes following the landmark decision, the Korean won surged to 1,430 against the U.S. dollar — its strongest level since late February.

The Korean currency had already shown signs of strengthening earlier in the session, opening at 1,450.5 won per dollar, down 16.5 won from the previous day's close, as traders priced in expectations of a resolution to the nation’s deepening political turmoil.

The benchmark KOSPI index, which had opened down more than 1 percent at 2,450.49 following sharp losses on Wall Street after President Donald Trump announced new reciprocal tariffs, briefly turned positive during the court’s proceedings. It continued to see modest fluctuations after the ruling.

The KOSDAQ, South Korea’s tech-heavy secondary index, after initially declining, it rose more than 2 percent at its peak before paring back to close roughly 1 percent higher.

Kim Dong-young davekim0807@ajupress.com

Won strengthens, stocks rebound as Constitutional Court ousts Yoon

Related