Finance Minister Choi Sang-mok (2nd from L) holds an emergency meeting with top economic and financial officials in Seoul on Dec. 4, 2024, in this photo provided by the ministry. (Image courtesy of Yonhap)
SEOUL, Dec. 4 (Korea Bizwire) — Stock markets will open as usual Wednesday, the finance ministry said, following President Yoon Suk Yeol’s unexpected declaration of emergency martial law overnight, which was subsequently lifted.
The decision was made during an emergency meeting held earlier in the day between Finance Minister Choi Sang-mok and top economic and financial officials, according to the ministry.
The benchmark KOSPI and the tech-heavy KOSDAQ markets are scheduled to open at 9 a.m. and close at 3:30 p.m.
The decision came as the foreign exchange market and overseas Korean stock-related markets, which had displayed instability following Yoon’s surprise declaration, began to stabilize after the measure was lifted only hours later, the ministry said.
The South Korean won slid to as low as 1,441 per dollar during offshore trading hours following the declaration late Tuesday. The won recovered slightly to close at 1,415.8 won.
The KOSPI 200 overnight futures index also faced significant losses, sinking more than 5 percent during the session before closing with a 1.8 percent drop.
Finance Minister Choi Sang-mok reassured investors, pledging that the government would take every possible measure to stabilize the financial and foreign exchange markets, including providing unlimited liquidity if necessary.
The ministry also emphasized its commitment to market stability, stating that a governmentwide monitoring system is in place to closely observe financial market conditions.
(Yonhap)
