About two years after winning South Korea’s presidency, Yoon Suk-yeol is already looking like a lame duck.
A stinging defeat in Wednesday’s parliamentary election has derailed his conservative pro-business agenda and will make it harder to deal for the remaining three years of his term with a left-leaning bloc that strengthened its hold on the legislature.
While investors expected the election outcome to deal a blow to Yoon’s investor-friendly capital-markets policies, continued optimism on chip stocks overshadowed the ruling party’s defeat and helped KOSPI erase its earlier loss of 1.6%.