South Korean Plane Crash: The last week of 2024 has turned gloomier with two fatal airline crashes in less than a week. The latest on the list is South Korea which is currently mourning as a passenger plane carrying 181 souls crashed in the early hours of Sunday at Muan Airport, killing almost everyone on board. Amidst this, the acting president Choi Sang-mok has declared a seven-day national mourning in honour of the victims and their families, starting from December 29. Does that mean trading in South Korea's major stock exchange KOSPI is also closed or open?
South Korea Plane Crash:
Jeju Air, a popular Boeing 737-800 fleet, that took off from Bangkok, landed on its belly and eventually skidded off at high speed at the runway of Muan International Airport, but crashed in a matter of seconds into a wall that was standing tall at the end of the runway. As per reports, the plane was warned about bird strikes in the air, and also authorities stated multiple played a role in the fatal accident including weather conditions.
The plane was carrying 181 passengers and succumbed 179 lives of which more than 60 victims were identified. The authorities are currently searching for more victims, while only two cabin crew members survived in critical condition.
This is the largest air crash on South Korean soil in approximately three decades, and also the deadliest after Indonesian airline Lion Air Flight 610 plunged into the Java Sea in 2018, as per the data of the International Civil Aviation Organization, a United Nations agency. Lion Air was also a Boeing, however, was a 737 Max that saw a ban across the world in late March 2019.
Notably, this will be the second plane crash in less than five days since Azerbaijan plane crashed in Kazakhstan on December 25 during Christmas.
As of now, while the search mission continues and bodies are being identified, the National Transportation Safety Board of the USA has briefed a team to work along with South Korean authorities in the investigation process to identify the cause of the Jeju Air crash. Boeing is a USA-based manufacturer and hence NTSB team will partake in the investigation.
Following this, as per The Korean Times report, acting President Choi Sang-mok on Sunday announced a period of national mourning over a deadly plane crash that claimed at least 177 lives, with two people still missing, according to his office.
As per the Korean Times report, Choi said, "We extend our deepest condolences and sympathy to the bereaved families of those who lost their lives in this unexpected tragedy." He declared a seven-day national mourning period, effective starting Sunday, lasting until midnight on Saturday.
Choi was appointed as the acting president after the dramatic impeachment of President Yoon Suk Yeol on December 14 who was accused mishandling of martial law in the country.
Is trading in the South Korea Exchange opened?
South Korea's stock exchanges will be operational on December 30th, however, the trading week is holiday-shorted due to two holidays. Trading in Korean stocks will be closed on December 31, 2024, and January 1, 2025, as a New Year's celebration. However, the country is currently mourning the grave losses that occurred in the plane crash.
Its largest index, the Korea Composite Stock Price Index or KOSPI, is currently at 2,404.77. Last week, the exchange was down by over 1%. KOSPI has broadly seen a bearish 2024, with its year-to-date performance down by 10%.
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