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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