Seoul: Won, stocks close lower as vote begins to impeach President Park
[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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade
Israel hits back, markets react; STI down 0.4%
Oil jumps, equities fall as Iran blasts fan Middle East tensions
Tokyo: Nikkei index tumbles 3% in morning trade
Singapore shares open higher on Friday; STI up 0.2%