South Korea continues to have a 'stock exchange' double kill!
The capital market in South Korea continues to decline. On the morning of December 9th, the South Korean stock market opened lower and fell lower, with the South Korean Composite Index falling more than 2% at one point during trading; The South Korean ChiNext Kosdak Index (KOSDAQ) fell nearly 4% at one point, down more than 30% from its high in March. The South Korean exchange rate also fell, with the Korean won falling 0.4% against the US dollar. As of the time of publication by Chinese journalists from securities firms, the South Korean Composite Index fell by 1.64%, and the Kostak Index on the South Korean ChiNext fell by over 3%.
On the news front, Lee Jae myung, the leader of South Korea's largest opposition party, stated that due to political uncertainty, the financial market remains volatile; Call on the ruling party to participate in Saturday's impeachment vote against Yoon Suk yeol.
According to a report by Yonhap News Agency on December 9th, the South Korean police do not rule out the possibility that the investigation into the martial law case may include South Korean President Yoon Suk yeol.
Lee Kyoung Min, a strategist at Daxin Securities, stated that the likelihood of a worst-case scenario for the Kospi index (Korea Composite Index) has increased. Even a small development can cause fluctuations in the Kospi index due to accumulated fatigue, disappointment, extremely low investor sentiment, and supply and demand conditions.
South Korean stock market plummets
On December 9th, the South Korean stock market continued to decline, with the South Korean Composite Index falling more than 2% at one point during trading, and the South Korean ChiNext Kostak Index falling nearly 4% at one point. The South Korean exchange rate also fell, with the Korean won falling 0.4% against the US dollar during trading.
On that day, according to a statement, the South Korean government will closely monitor the economy, finance, and foreign exchange markets 24 hours a day and take preventive measures as necessary to stabilize the market. South Korean Finance Minister Choi Sang mu and Bank of Korea Governor Lee Chang yong will hold talks with financial regulatory authorities at their daily meetings. Take all market stabilization measures immediately according to the emergency plan when necessary to prevent excessive market volatility from spreading. In addition, a plan to improve structural foreign exchange supply and demand will be announced in December to promote foreign exchange inflows.
However, as the political crisis in South Korea continues, investors seem to have lost confidence in the country's stock market, with the Korean Composite Index and ChiNext Kostak Index falling for four consecutive trading days. Among them, the Kostak Index on the South Korean ChiNext board has fallen by more than 30% from its peak in March.
After the impeachment motion failed last Saturday, South Korean President Yoon Seok yeol faced pressure to resign. According to the latest news from Yonhap News Agency on December 9th, the largest opposition party in South Korea, the United Democratic Party, will launch another impeachment case against President Yoon Suk yeol, which will be submitted to the plenary session of the South Korean National Assembly on December 12th and voted on on on December 14th.
According to Jiang Youzhen, the spokesperson for the Democratic Party in Congress, on the 8th, the Democratic Party will continue to push forward the impeachment of Yoon Suk yeol in a "Thursday (report to Congress) - Saturday (vote)" mode. The Common Democratic Party will also impeach the Minister of Justice, Park Seok jae, and the Director of the Police Department, Cho Chi ho, separately on the "12.3 Emergency Martial Law Situation" at the plenary session of the National Assembly on the 10th, and vote on the impeachment case at the first plenary session of the temporary session of the National Assembly on the 12th.
In addition, the Common Democratic Party will launch the "Internal Conflict Independent Prosecution Law" and the "Jin Jianxi Independent Prosecution Law" targeting the First Lady on the 9th to investigate the truth behind the martial law situation. Jiang Youzhen stated that if these two bills can be processed quickly, they can be voted on at the plenary meeting on the 12th.
On the 6th, the Common Democratic Party also launched a bill on the establishment of a permanent independent inspection team to investigate the truth behind the internal turmoil caused by the martial law situation (referred to as the permanent independent inspection law). The permanent independent prosecution law is different from the ordinary independent prosecution law, and the South Korean President cannot exercise veto power over it. The Democratic Party plans to vote on the bill at the Congressional Legal and Judicial Committee meeting as early as the 9th, and then handle it at the congressional plenary session on the 10th.
Li Zaiming sternly criticizes the ruling party leader for disrupting constitutional order
On the 8th, Lee Jae myung, the leader of South Korea's largest opposition party, the United Democratic Party, held a press conference in the South Korean National Assembly, condemning the statements made by the ruling party's leader, Han Dong hoon, and Prime Minister, Han Dae soo, that morning as once again undermining constitutional order.
Li Zaiming said that the essence of the conversation between the two was to allow South Korean President Yoon Seok yeol to hide behind the scenes and manipulate the forces of internal strife to maintain the state of internal strife. This is the second act of internal strife that is "changing soup but not medicine". The President's authority is not the personal property of Yoon Seok yeol. Yin Xiyue, the main culprit of internal turmoil and military rebellion, should resign immediately or be impeached. On the 14th of this month, the Democratic Party will impeach the President in the name of the nation.
Li Zaiming strongly condemned the statement that the Prime Minister and the ruling party leader would exercise presidential powers together after the President stepped down to the second line, which is absurd. The people will vote for the President, but they will not vote for the ruling party to make him the President. Li Zaiming also harshly criticized yesterday's invalidation of the impeachment case against Yoon Suk yeol due to the ruling party's absence in parliament, stating that the ruling party is a blatant conspirator of the crime of internal strife.
On the same day, Kim Min sik, the highest member of the Democratic Party, stated that the suspension of the president is the only process stipulated by the constitution, and any other claims are unconstitutional and an act of ongoing internal strife. Even if the President, Prime Minister, and ruling party leaders reach an agreement on the plan, there will not be any unconstitutional rule. He stated that the practice of Prime Minister Han Deok soo becoming the center of governance is not established in the constitution, and it is impossible for him to exercise separate powers such as jurisdiction, appointment of civil servants, diplomacy, etc., especially the power of commanding the military. Han Dongxun is just the leader of one party, without any constitutional, legal, or substantive political authority.
According to Yonhap News Agency, Kim Min sik's remarks can be interpreted as the Joint Democratic Party believing that ruling out the possibility of impeaching the president and only proposing the so-called "early resignation of the president" is unconstitutional. The Joint Democratic Party will further push for presidential impeachment.
On the morning of the 8th, Han Dongxun and Han Dezhu jointly issued a statement to the people, stating that they will orderly promote the early resignation of the president and prevent any gaps in national politics. Han Dongxun stated in the conversation on that day that he would minimize the chaos caused to the country and the people and stabilize the current political situation through an "orderly" presidential early resignation. He condemned the recent emergency martial law as an unconstitutional act that undermines South Korea's liberal democracy, and instead stated that "the National Assembly voted to lift the martial law within just 2 hours and 30 minutes, and the emergency martial law ended in a legal manner within just 5 hours, witnessing the normal operation of South Korea's mature liberal democracy mechanism.
Han Dongxun stated that the emergency martial law has caused irreparable and significant losses to the country and its citizens. The citizens feel very disappointed and distrustful of the government. As the ruling party, the National Power Party will humbly accept the evaluation and judgment of the citizens.
Han Dongxun said that most citizens believe that President Yoon Suk yeol will not be able to govern normally during the remaining term of office and should resign from his position. For the matter of early resignation, the ruling party will announce a specific plan as soon as possible after discussion. Before Yin Xiyue steps down, he will no longer be involved in national affairs, including diplomacy. The leader of the ruling party will regularly meet with the Prime Minister to ensure that there are no political gaps in the country.
South Korean Prime Minister Han Deok soo stated that the most important thing at present is to ensure that there is no blank space in governance. The government will comply with public opinion and do its utmost to stabilize the current situation as soon as possible. Han Dezhu stated that in order to ensure national stability even in emergency situations, it is necessary for the government budget and other bills to be passed by the parliament. Only when the budget is finalized as soon as possible and various departments prepare for budget execution based on it, can we promote the recovery of people's livelihood and economy. He called on the government and the public to promote governance through coordination under the leadership of the Speaker of the National Assembly, Yu Yuanzhi. The government will take the lead in lowering its posture and request active cooperation from the National Assembly.