Yoon proposes 'emergency economic measure'... iShares MSCI Korea surges by 5%

President Yoon Suk-yeol proposed an emergency economic measure, and the stock prices of domestic companies listed on the U.S. stock market are rapidly rising.

At 10:05 AM (local time) on the 3rd, the iShares MSCI Korea (Ticker: EWY) ETF, which is listed on the U.S. stock market, surged by 3.34 dollars (5.89%) compared to the previous day, reaching 53.37 dollars. This ETF invests in major Korean companies. Domestic companies like Coupang and Webtoon Entertainment also rose by 6.2% and 5.98%, respectively.

Although the KOSPI and KOSDAQ indices in the Korean stock market rose by 2%, investor sentiment was rapidly dampened by the news of the emergency economic measure. The won-dollar exchange rate also surged to the 1430 won range.

President Yoon held an emergency briefing at the presidential office in Yongsan that night, stating, "We will propose an emergency economic measure to protect the Republic of Korea from the threat of North Korean communist forces and to safeguard the freedom and happiness of our people. We will unite the anti-communist forces in the North and uphold the freedom and order to rebuild and support a free Republic of Korea."

The uncertainty in the domestic stock market opening remains. The Korea Exchange stated, "The operation status on the 4th has not been determined, and we will announce it once confirmed."

Reporter Jin Young-ki from Hankyung young71@hankyung.com