KOSPI collapses at 2430 level intraday due to pending appointment of South Korea’s acting authority to the Constitutional Court

by times news cr
Acting President and Prime Minister Han Deok-soo is announcing an emergency address to the public at the Seoul Government Complex in Jongno-gu, Seoul on the 26th. 2024.12.26 Government Photo Reporter Group

The domestic stock market is reeling due to the unprecedented impeachment prosecution of an acting president. When Acting President and Prime Minister Han Deok-soo announced an emergency statement that he would postpone the appointment of constitutional judges, the Democratic Party of Korea immediately responded by pushing for impeachment.

At 2:13 pm on the 26th, KOSPI is pointing to 2431.68, down 8.84p (0.36%) from the previous day. KOSPI, which was at the 2438 level just before Han’s statement, fell by about 10 points to 2428.82 after the statement.

Net selling by foreign investors is 106.8 billion won, and individual investors are also selling 43.7 billion won. Institutions are net buying 54.7 billion won.

KOSDAQ is pointing to 676.07, down 4.04p (0.59%) from the previous day. Likewise, it fell to 675.03 during trading immediately after the statement. Currently, individuals have net sold 16.3 billion won and foreigners have net sold 45.7 billion won, while institutions have net bought 73.8 billion won.

Among the top 10 stocks in KOSPI market capitalization, Kia (000270) rose 1.89%, SK Hynix (000660) 1.25%, and Hyundai Motor Company (005380) rose 0.46%. Celltrion (068270) -1.65%, KB Financial (05560) -1.62%, LG Energy Solution (373220) -1.29%, Samsung Electronics (005930) -1.1%, NAVER (035420) -0.99%, Samsung BioLogics (207940) -0.32%, Samsung Electronics Co. (005935) -0.22% fell.

Among the top 10 KOSDAQ market capitalization stocks, Shinsung Delta Tech (065350) rose 20.98%, Samchundang Pharmaceutical (000250) 6.38%, Riga Chem Bio (41080) 3.58%, and Alteogen (96170) 0.68%. EcoPro BM (247540) -4.25%, Classys (214150) -3.49%, EcoPro (086520) -3.41%, Reno Industrial (058470) -3.4%, Hugel (45020) -1.61%, HLB (028300) -0.6% The back fell.

Acting President Han announced in a public address at the Seoul Government Complex this afternoon, “We will hold off on appointing a Constitutional Court judge until the ruling and opposition parties agree and submit a plan,” and “Once the ruling and opposition parties agree and submit a plan, we will immediately appoint a Constitutional Court judge.”

Kwon Seong-dong, acting representative of the People Power Party and floor leader, argued that forcing the appointment of the opposition party was unreasonable, saying, “In light of precedent, if the appointment of the three Constitutional Court judges recommended by the National Assembly is pushed through, it is a serious issue that could invalidate the impeachment trial itself.”

As announced, the Democratic Party immediately pursued impeachment against Acting President Han. On this day, while holding a general meeting of lawmakers ahead of the plenary session, they saw the statement from an acting leader and immediately proposed an impeachment bill and plan to report the impeachment bill at the plenary session. The Democratic Party criticized it as “a statement that acknowledged that he was an agent of insurrection, not an acting president.”

(Seoul = News 1)

Hot news now

You may also like

Leave a Comment