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
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(END) Dow Jones Newswires
December 03, 2024 10:07 ET (15:07 GMT)
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