Sell-off in South Korea after president declares martial law
South Korean assets are tumbling after President Yoon Suk Yeol declared martial law for the first time since the 1980s.
Yoon said the move was necessary because the opposition party “paralyzed the administration” by blocking his budget plans.
The iShares MSCI South Korea ETF is extending Monday’s losses with a decline of roughly 4.5% at the open on Tuesday. Airlines are likely to be one of the hardest-hit sectors if travel restrictions follow the imposition of martial law. Meanwhile, the South Korean won is the worst-performing major Asian currency on the day.
The iShares MSCI South Korea ETF is extending Monday’s losses with a decline of roughly 4.5% at the open on Tuesday. Airlines are likely to be one of the hardest-hit sectors if travel restrictions follow the imposition of martial law. Meanwhile, the South Korean won is the worst-performing major Asian currency on the day.
