South Korean President Yoon Suk Yeol declared "emergency martial law" on Tuesday, accusing political opposition of plotting an insurgency. Stocks with ties to South Korea, including e-commerce leader Coupang (CPNG), fell sharply following the president's speech.
↑ XYoon accused the opposition party, which controls the country's National Assembly, of holding the country hostage, according to the Wall Street Journal.
Yoon's speech came after the largest stock market in South Korea, the KRX, closed. But exchange-traded funds designed to track South Korean equities fell in early U.S. trading Tuesday. The iShares MSCI South Korea ETF (EWY) is down 5.5% in recent action.
Shares of Coupang, which is based in Seattle but operates South Korea's largest e-commerce marketplace, fell more than 5% in heavy volume to 23.40. Coupang stock had gained more than 45% year to date heading into Tuesday trading.
American-listed shares of South Korean steel manufacturer POSCO Holdings (PKX) are down 7% at 46.30 in recent action.
U.K.-listed depositary receipts of South Korean electronics giant Samsung fell 6%.
The South Korean won weakened against the dollar by more than 2%.
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