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South Korean President Yoon Suk Yeol Arrested -- KOSPI Edges Higher Despite Political Upheaval, Won Stable

Kaustubh Bagalkote
January 14, 2025

South Korean markets showed resilience Wednesday as President Yoon Suk Yeol was taken into custody, with the benchmark KOSPI rising 0.40% to 2,507.35 amid heightened political uncertainty.

Yoon, 64, was detained at 10:33 a.m. local time by a joint probe team investigating allegations related to his December martial law declaration, marking an unprecedented arrest of a sitting South Korean president.

The arrest came after an initial failed attempt on Jan. 3 that resulted in a standoff between investigators and presidential security, reported The Korean Herald.

Despite the political upheaval, major South Korean stocks held steady. SK Hynix Inc. led the gains, climbing 2.31% to 1,99,800 South Korean won ($136.90). Samsung Electronics Co. Ltd. (OTC:SSNLF) rose 0.37% to 54,100 South Korean won ($37.06), while KB Financial Group Inc. (NYSE:KB) gained 0.90%, reaching 89,500 South Korean won ($61.31). Hyundai Motor (OTC:HYMTF) saw a slight decline of 0.23%, trading at 2,21,500 South Korean won ($151.76).

The iShares MSCI South Korea ETF (NYSE:EWY), a key indicator for U.S. investors, gained 0.94% on Tuesday.

The Korean won remained stable against the U.S. dollar, trading at 1,460.52 South Korean won, down marginally by 0.063%.

The arrest warrant for President Yoon, which expires Jan. 21, includes charges of power abuse and insurrection. The investigation is led by the Corruption Investigation Office for High-ranking Officials.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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