There was a big drop in U.S. and U.K. stocks of South Korean companies on Tuesday after the country’s president declared martial law without warning. The parliament of the country quickly overturned the decision.
When the country’s government was dissolved for the first time since 1979 because of martial law, the army told doctors on strike to go back to work. The lawmakers, on the other hand, voted 190 to 0 to overturn South Korean President Yoon Suk Yeol’s order for “emergency martial law.”
Even though South Korean prices were still down for the day, they were not as low as they were after the vote.
A big online store in South Korea, Coupang Inc. (CPNG -3.98%), saw its stock drop 4%. Another big company, Posco Holdings Inc. (PKX -4.13% 005490 -1.78%), also saw its stock drop 4%. In London, shares of Samsung Electronics Co. SMSN -3.71%, a big company that makes chips and phones, dropped 4%.
Captivision Inc. CAPT -9.92% shares dropped 9%. Captivision is a South Korean company that makes building media glass.
The iShares MSCI South Korea ETF EWY-2.69% fell as much as 7% but more recently was down just 2%.
