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Monday, December 09, 2019

South Korean won, stocks close lower as lawmakers vote to impeach President Park Geun-hye

The won was quoted at 1,165.9 to the dollar at the conclusion of onshore trade, down 0.64 percent versus Thursday's close of 1,158.5

By: Reuters | Seoul | Updated: December 9, 2016 1:23:12 pm
South korea, south korea president, south korea president park, president park, south korea protest, protest in south korea, impeachment, south korea president impeached, Park Geun-hye, south korea news, seoul news, indian express news Choo Mi-ae, center, leader of the main opposition Democratic Party, speaks as Park Jie-won, interim leader of the People’s Party, and Sim Sang-jung, right, head of the Justice Party, listen during a meeting at the National Assembly in Seoul, South Korea, Wednesday, Nov. 30, 2016. (Source: AP Photo/Ahn Young-joon)

The South Korean won and shares ended lower on FridaySouth Korean lawmakers vote to impeach President Park Geun-hye 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 percent versus Thursday’s close of 1,158.5. The Korea Composite Stock Price Index (KOSPI) closed down 0.31 percent 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.

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