Police stand guard in front of the main gate of the National Assembly in Seoul on December 3, 2024, after South Korean President Yoon Suk-yeol declared martial law. South Korean President Yoon declared a state of emergency on December 3, saying the move was necessary to protect the country from “communist forces” amid parliamentary debate over the draft budget bill.
Jung Eun Ji | AFP | Getty Images
The ETF is on track for its fifth straight negative day with unusually heavy trading volume. Nearly 27 million shares have traded so far on Tuesday, more than eight times the average 30-day trading volume.
Korea Electric Power's American depositary receipts (ADRs) fell 5%, and the Korean e-commerce giant Coupang shed 6%. KT Corp, formerly known as Korea Telecom, saw a 3% decline. Shares of Posco, a South Korean steel manufacturer, fell more than 6%.
Within three hours of Yoon declaring martial law late Tuesday night, 190 of the National Assembly's 300 lawmakers gathered to repeal the emergency order.
The president accused the opposition parties of sympathizing with North Korea and controlling Parliament. Yoon did not specify how martial law – a temporary rule imposed by military authorities in a time of emergency – would affect governance and democracy in the country.
“The administration is in contact with the government of the Republic of Korea and is closely monitoring the situation,” the White House National Security Council said in a statement to NBC News.
Under the declaration of martial law, all political activities and actions that “incite social disorder” are prohibited. This is the first time since 1980 that a South Korean leader has declared martial law.
The Korea Stock Exchange announced that it will hold an emergency meeting to “prepare response measures” and will later decide whether the market will open on Wednesday, according to local media reports.
The US dollar jumped 1.9% against the South Korean won on Tuesday.
