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Seoul: Won, stocks close lower as vote begins to impeach President Park

Friday, December 9, 2016 - 15:25

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[SEOUL] The South Korean won and shares ended lower on Friday as a cautious mood swept financial markets as lawmakers began voting in a motion to impeach President Park Geun-hye over an influence peddling scandal.

The won was quoted at 1,165.9 to the dollar at the conclusion of onshore trade, down 0.64 per cent versus Thursday's close of 1,158.5.

The Korea Composite Stock Price Index (KOSPI) closed down 0.31 per cent at 2,024.69 points, pulling back from more than a 6-week high a day earlier.

Parliament is expected to vote in favour of impeaching Park over an influence peddling scandal, but the Constitutional Court must uphold the motion for her to be removed from office, a process that could take up to 180 days.

REUTERS

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