With the liberal opposition clinching a landslide victory in Wednesday's general election, expectations over President Yoon Suk Yeol’s economic policies that favor stock market investment falter. Yoon’s People Power Party faced a major defeat in the parliamentary elections, as the main opposition Democratic Party of Korea and its satellite party won 175 seats in the 300-member National Assembly. The .
The landslide victory of the main opposition Democratic Party of Korea (DPK) in Wednesdays general elections is likely to dash many of the government s economic policy plans that require the National Assembly s approval for legislative revisions.
Korean stocks have been performing sluggishly since the beginning of the year after advancing about 5 percent in December alone on the back of the U.S. central bank’s dovish shift in its monetary policy.
Korea’s benchmark stock index Kospi recovered to over 2,300 points on the back of bargain hunting on Friday, after experiencing a huge dip the day before. The Kospi closed at 2,302.81, up 3.73 points from the previous day. Despite massive sell-offs by foreign investors, retail investors and institutions backed the index, net buying 100.5 billion won ($74.1 million) and 221.9 billion won, respectively. Foreign i.