By Brian Swint
South Korean President Yoon Suk Yeol put the country under military control in an unexpected announcement Tuesday.
The iShares MSCI South Korea exchange-traded fund dropped 4.2% in premarket trading.
The KRX, Korea's stock market, was closed when Yoon spoke. Its biggest companies include electronics giants Samsung, SK Hynix, and LG Energy Solution, as well as carmakers Hyundai and Kia.
Yoon said that opposition parties had hijacked the parliamentary process, citing a motion to impeach top prosecutors and the opposition Democratic Party's rejection of a government budget proposal, Reuters reported. He didn't say what specific measures would be taken now.
"I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the despicable pro-North Korean anti-state forces that are plundering the freedom and happiness of our people, and to protect the free constitutional order," Yoon said.
This is breaking news. Check back for more analysis soon.
Write to Brian Swint at brian.swint@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
December 03, 2024 09:24 ET (14:24 GMT)
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