Shares of Posco, South Korea's leading steel producer, plummeted 5.19% on Monday amid broader market concerns sparked by the ongoing political crisis in the country.
The sharp decline in Posco's stock price was part of a broader sell-off in Korean equities, as the nation grapples with the potential resignation of President Yoon Suk Yeol. The president is facing mounting public anger and record-low approval ratings, with his own party exploring ways for him to step down without the need for impeachment.
The political uncertainty has roiled South Korean markets, with investors concerned about the potential economic and geopolitical implications of a leadership vacuum. Posco, as a major industrial conglomerate deeply tied to the country's economic fortunes, was not spared from the widespread selling pressure.
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