On December 3, 2024, police stood guard in front of the main entrance of the National Assembly in Seoul after South Korean President Yoon Seok-yeol declared emergency martial law. South Korean President Yoon Eun-hye declared emergency martial law on December 3, saying the move was necessary to protect the country from “communist forces” as parliament debated a budget bill.
Jung Yeon-je | AFP | Getty Images
U.S. stocks fell on Tuesday after South Korean President Yoon Suk Yeol invoked emergency powers and declared martial law, raising concerns about instability in the world’s 13th largest economy.
this iShares MSCI Korea ETF, The index tracking more than 90 large and medium-sized companies in South Korea fell 6%, hitting a 52-week low.
KEPCO’s American depositary receipts (ADRs) fell 5% and South Korean e-commerce giant Coupang fell 6%. KT Corporation (formerly Korea Telecom) shares fell 3%. Shares of South Korean steelmaker Posco fell more than 6%.
President Accusing opposition parties of sympathizing with North Korea and control of Parliament. Yin did not specify how martial law – temporary rule by military authorities during emergencies – would affect the country’s governance and democracy.
According to local media reports, the Korean Exchange announced that it would hold an emergency meeting to “prepare response measures” and then decide whether to open the market on Wednesday.
this Dollar up 1.9% South Korea won on Tuesday.
—CNBC’s Hakyung Kim contributed reporting.
