Stocks in South Korea climbed behind President Park’s impeachment verdict

Stocks in South Korea

Right after the impeachment of South Korean president Park Geun-hye by the legislature last year, Equities in South Korea slightly elevated amidst political uncertainties.

Park will now leave the office and snap elections should be done in a span of 60 days for her replacement. After South Korea’s Constitutional Court supported the vote of the parliament to impeach her last year, the benchmark Kospi added 0.17 percent.

According to a data from IHSMarkit, exports in China account for about 25.1 percent of South Korea’s overall exports worldwide. South Korean companies that are doing business in China are at knifepoint, involving cyber-attacks and boycotts, on the anti-missile system that U.S. deployed which Beijing sees as a threat for their country.

The won started weaker at 1,161 per dollar against the previous close at 1,588.1, the won surpassed the U.S. dollar at 1,157.4.

In Hong Kong, Hang Seng edged down 0.08 percent, the Shanghai composite as well declined 0.03 percent. However, the Senzen composite added 0.253 percent.

Japan’s Nikkei 225 was abruptly higher by 1.25 percent as the yen deteriorated against the currency.

Shares of Toshiba jumped 4 percent amid early trade right before slipping back to 1.46 percent, with the concerns over the news that Toshiba’s U.S. subsidiary employed bankruptcy attorneys to contemplate Chapter 11 filing as an alternative to aid with a billion worth of write-down.

The U.S. nonfarm payrolls are also one of the concerns of traders; payrolls are a main indicator which will give implications in case the Federal Reserve will raise its rates at its conference next week.

In United States, S&P 500 added 0.08 percent at 2,364.87 and NASDAQ was close to being flat by closing at 5,838.81. In addition,the Dow Jones industrial average declined by 20,858.19.

FAQs

Leave a Reply

Your email address will not be published. Required fields are marked *