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Kospi down over 2% amid political turmoil in South Korea; Asia markets mixed

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Protesters take part in a protest against the president outside the National Assembly on December 08, 2024 in Seoul, South Korea. 

Ezra Acayan | Getty Images News | Getty Images

South Korea’s Kospi stock index fell over 2% Monday after President Yoon Suk Yeol survived an impeachment vote over the weekend as the fallout from his brief declaration of martial law continues to roil the country.

The benchmark index fell 2.3%, while the Kosdaq dropped 4.1% as investors continued to monitor the country’s political situation.

While Yoon’s People Power Party boycotted the Saturday impeachment vote brought by opposition parties, its leader has said that Yoon would step down.

Meanwhile, prosecutors in the country have named President Yoon Suk Yeol as a subject of a criminal investigation for potential charges of treason and abuse of power, according to local media reports.

Elsewhere in the Asia-Pacific, markets were mixed Monday as traders assessed revised economic growth data from Japan and China’s November inflation data.

Japan’s Nikkei 225 was up 0.3%, while the Topix gained 0.4%.

Japan’s third-quarter GDP was revised to 0.3% on a quarter-on-quarter basis, up from 0.2% and above estimates from a Reuters poll that predicted no change.

Hong Kong Hang Seng index was trading flat, while mainland China’s CSI 300 index was up 0.3%.

China’s consumer price growth missed expectations in November, rising by 0.2% year on year, down from a 0.3% increase in October, according to the National Bureau of Statistics on Monday. Economists from Reuters forecast growth of 0.5%

Australia’s S&P/ASX 200 was down 0.2%.

In the U.S. on Friday, the S&P 500 and Nasdaq Composite rose to fresh records after November jobs data came in slightly better than expected, but not so hot as to deter the Federal Reserve from cutting rates again later this month.

The broad market S&P 500 climbed 0.25% to 6,090.27. Tech-heavy Nasdaq advanced 0.81% to 19,859.77, bolstered by gains in TeslaMeta Platforms and Amazon.

The Dow Jones Industrial Average slipped 123.19 points, or 0.28%, to close at 44,642.52.

The S&P 500 and Nasdaq went on to their third straight positive week as well, rising 0.96% and 3.34%, respectively. The Dow slipped 0.6% during the period.

— CNBC’s Sean Conlon, Lisa Kailai Han and Pia Singh contributed to this report.

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