The debilitating political vacuum that has reigned in Seoul since South Korean President Yoon Suk-yeol’s impeachment on December 14 has finally ended. On June 3, Lee Jae-myung won South Korea’s presidential election by a decisive margin.

The Kospi Index jumped as much as 2.5% on Wednesday, taking its gain from the April low to more than 20% as investors piled into potential beneficiaries of Lee’s reform and growth agenda.

South Korea's new President Lee Jae-myung held his first cabinet meeting on Thursday focused on devising an emergency package to address stagnating economic growth and aid households, moving swiftly to start tackling a top campaign pledge.