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
South Korean stocks fell in the United States on Tuesday after President Yun Seok-yeol declared emergency 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%.
The president accused the opposition of being sympathetic to North Korea and controlling Congress. 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.
The dollar rose 1.9% against the Korean won on Tuesday.
—CNBC’s Hakyung Kim contributed reporting.
About The Author
