The president declared martial law in South Korea but the Legislative Assembly later overruled it. Uncertainty reigns and there are protests from citizens.
South Korea’s president declared martial law in an unexpected late-night television address. Yoon Suk Yeol alleged that the opposition parties took the parliamentary process hostage. This generated strong geopolitical tension with the Asian country that hit its financial assets.
Thus, in what is the foreign exchange market, the won plummeted against the dollar. The South Korean currency fell to 1,443.40 units per dollar, its lowest since October 2022, and later lost 1.9%, to 1,430.72.
Meanwhile, the iShares MSCI South Korea ETF index sank as much as 7.1% in U.S. trading, marking its worst intraday drop since Aug. 5, while London-listed shares of Samsung Electronics lost as much as 7.5%.
In turn, e-commerce company Coupang fell as much as 9.8% in US trading, along with losses at steel processor Posco Holdings and KB Financial Group.
South Korea: how the political situation continues
South Korean President Yoon Suk Yeol declared “emergency martial law” on Tuesday, accusing the country’s opposition of controlling Parliament, sympathizing with North Korea and paralyzing the government with anti-state activities.
Shortly after, the National Assembly voted to lift the measure, increasing uncertainty in the country.
“To safeguard a liberal South Korea from threats from communist forces in North Korea and eliminate anti-state elements… I hereby declare emergency martial law.”Yoon said in a live televised address to the nation.
After Yoon’s statement, Park An-suthe commander in charge of enforcing martial law, ordered the closure of Parliamentthe ban on all political activities and declared that the media will be subject to control.
Subsequently, The troops of the military command appointed under martial law entered the National Assembly complexin front of which citizens gathered in protest against these measures.
Source: Ambito
