More than 120,000 people in South Korea have signed a petition calling for the halt of plans to increase capital gains tax.

More than 120,000 people in South Korea have signed a petition demanding the halt of the proposed increase in capital gains tax announced last Thursday evening. The number of signatures on the petition has surpassed the required 50,000, and it will now be submitted to the National Assembly for review, testing the ruling party's determination to push the proposal through. On Friday, the South Korean stock market fell by 3.9%, marking the biggest drop since April of this year.