After months of unrest after former leader Yoon Suk Yeol’s disastrous installation of martial law, South Korea saw a sea change when opposition party leader Lee Jae-myung was elected president in a snap election. According to the National Election Commission’s final count, Lee received 49.42% of the vote, surpassing conservative challenger Kim Moon Soo’s 41.15% share.
According to Yonhap News, the Democratic Party nominee will take over as president from current acting president Han Duck-soo immediately, bypassing the 60-day transition process that occurs during typical election cycles. He will be sworn in at the National Assembly at 11 a.m. local time.
The course of South Korea’s trade talks with the United States and its policy towards China and North Korea will be decided by Lee, who will assume leadership for the ensuing five years.
According to LSEG statistics, the nation’s Kospi index surged more than 2% to a 10-month high Wednesday morning, indicating that it was about to enter a bull market, which is defined as a 20% increase from a recent low. The value of the South Korean won increased slightly to 1,376.3 in relation to the US dollar.
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