South Korean chipmaking giant Samsung Electronics saw shares drop nearly 1% while battery-maker LG Energy Solution and automaker Hyundai Motor experienced wider losses of 2.8% and 2.4%, respectively.
South Korean heavyweight stocks fell in a volatile trading session Wednesday amid political upheaval that saw President Yoon Suk Yeol reverse a surprise martial law decree that he imposed hours earlier.Minutes before the markets opened, Kim Byung-hwan, vice-minister of economy and finance, said the regulator was ready to deploy 10 trillion won to stabilize the stock market"at any time,"
South Korean chipmaking giant Samsung Electronics saw shares drop nearly 1% while battery-maker LG Energy Solution and automaker Hyundai Motor experienced wider losses of 2.8% and 2.4%, respectively.Chip major SK Hynix was marginally lower in choppy trading. Internet giant Naver Corp and battery manufacturer Samsung SDI saw shares sink over 2.5%.The benchmark Kospi fell 2% while the Kosdaq was down 2.4%. The South Korean won depreciated further by 0.05% to trade at 1,415.
among his opponents, only to reverse the decision early Wednesday morning after the National Assembly voted to overturn the president's decree. The sudden burst of political chaos has added a fresh blow to the country's financial markets, driving capital outflows and weakening the currency, Chong Koon Park, head of Korea and Japan economic research at Standard Chartered Bank, told CNBC in an email.which tracks more than 90 large and mid-sized companies in South Korea, tumbled as much as 7% to hit a 52-week low before trimming losses to close 1.6% down.