Korean Stocks Rise on Election Results, Global Risk-Asset Bounce
- President-Elect Yoon seen as pro-market, Korea Investment says
- Goldman says Yoon to press ahead on pro-business deregulation
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South Korean stocks rallied along with global markets after conservative candidate Yoon Suk-yeol won Wednesday’s presidential election with investors optimistic over the new administration’s perceived business-friendly policies.
Nuclear energy, internet and construction stocks were among the biggest winners as the Kospi advanced 2.1%, heading for its biggest one-day gain since December. So-called peace stocks, which typically benefit from improved ties between North and South Korea, were the biggest losers as Yoon is expected to be more hawkish toward the North than was his predecessor Moon Jae-in. The won strengthened as much as 1%.