Korean stocks hammered after declaration of martial law

Dow Jones12-03

MW Korean stocks hammered after declaration of martial law

By Steve Goldstein

U.S.- and U.K.-listed shares of South Korean stocks slumped on Tuesday after its president made a sudden declaration of martial law.

Coupang $(CPNG)$, South Korea's largest online retailer, saw its stock slump 8%, as steelmaker Posco's stock (KR:005490) fell 7%. Shares of Samsung Electronics (UK:SMSN), the microchip and phone-making giant, fell 5% in London.

Shares in Captivision (CAPT), a South Korean maker of architectural media glass, fell 18%.

South Korean President Yoon Suk Yeol declared "emergency martial law" during a televised address in a showdown with the rival Democratic Party.

According to AFP, he said people will face "some inconveniences" as he said he would eliminate "anti-state forces as quickly as possible."

The iShares MSCI South Korea ETF EWY dropped 5%.

-Steve Goldstein

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

December 03, 2024 10:07 ET (15:07 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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