South Korean markets ended Monday mixed after the impeachment of President Yoon Suk Yeol on Saturday.

The second attempt of the National Assembly of South Korea to impeach Yoon succeeded as 204 lawmakers voted in favor of the motion, surpassing the two-thirds threshold needed to impeach Yoon in the 300-seat chamber.

The vote was sparked by Yoon's short-lived declaration of martial law, which plunged the country into political turmoil.

The blue-chip Cops rose early Monday morning, but reversed gains later in the session, losing 0.22%. In contrast, the small-cap Kosdaq ended the day 0.69% higher. This breaks a four-day winning streak for Kospi, but marks the fifth consecutive day of gains for Kosdaq.

Yoon had declared martial law late on December 3, the first time in more than 40 years that Asia's fourth largest economy had seen martial law declared. He revoked the order hours later after 190 legislators voted against the declaration.

The Kospi has gained about 2.2% since the close on December 3 - the last trading day before martial law was declared, and the Kosdaq has gained about 1.1%.

Both indices rebounded strongly last week after initially fall behind the martial law flip-flop and failed the first impeachment vote. The Cops hit its lowest level from November 2023 on December 9.

The Kospi has gained about 6% from the December 9 low, while the Kosdaq has recorded about an 11% climb since then.

Opposition lawmakers had pushed initial impeachment vote on December 7, but this failed to clear the 200 votes needed to impeach Yoon after lawmakers from his People's Power Party walked out of the chamber.

Last week, however, PPP leader Han Dong-hoon reversed his earlier defense of Yoon and called for the leader's impeachment, opening the way for more party members to take part in the vote.

On Monday, Han announced during a press conference that he was resigning from his post (and among his followers in the party (and

Meanwhile, Yoon was suspended from state duties after Saturday's vote, with Prime Minister Han Duck-soo serving as acting president.

The impeachment process is now passed to the Constitutional Court of South Koreawhich must then decide on whether to confirm or deny Yoon's removal.

According to the Constitutional Court Act of 1988, the Constitutional Court must take a final decision within 180 days. If Yoon chooses to leave office before the court's decision, the impeachment case will be dismissed.

Investors will continue to assess the political situation as South Korean lawmakers and officials move to reassure allies, financial markets and the public.

South Korea's finance ministry said in remarks on Monday that uncertainties in the country's political system have eased following Yoon's impeachment, stressing that the economic system remains stable, discount reports in the local media.

A day before, the new acting President of South Korea was on call with US President Joe Biden and Allegedly assured him that South Korea would carry out its foreign and security policy without disruption.

The head of South Korea's main opposition party as well announced she would not seek to arrest Han for his involvement in the declaration of martial law and instead offered to work with the government to ease tensions.

In a research note on Monday, Citibank said it expected the constitutional court to confirm Yoon's impeachment around mid-March next year, leading to a presidential election around early or mid-May 2025.