Stock market today: Asian stocks slide after South Korea's political drama, but Kospi falls only 2%
Asian markets are mostly lower after overnight political drama in South Korea added to regional uncertainties
HONG KONG — Asian markets retreated Wednesday after overnight political drama in South Korea added to regional uncertainties, though the Kospi in Seoul fell less than 2%.
U.S. futures rose while oil prices were little changed.
South Korea President Yoon Suk Yeol suddenly declared martial law on Tuesday night local time, prompting troops to surround the parliament. He accused pro-North Korean forces of plotting to overthrow one of the world’s most vibrant democracies. The martial law was revoked about six hours later.
On Wednesday, South Korea’s main opposition party called for President Yoon to resign immediately or face impeachment.
Yoon's move initially caused the won to plummet to a two-year low against the U.S. dollar, with losses of up to 2%, the sharpest one-day drop since the market’s seismic reaction to Donald Trump’s 2016 election victory. The won recovered some of those losses on Wednesday. The dollar was trading at 1,414.43 won, down from Tuesday's peak at 1,443.40.
South Korea’s Kospi lost 1.9% to 2,451.64. Shares of Samsung Electronics, the country's biggest company, fell 1.1%. Meanwhile, the country’s financial regulator said they were prepared to deploy 10 trillion won ($7.07 billion) into a stock market stabilization fund at any time, the Yonhap news agency reported.
Elsewhere in the region, China announced Tuesday it was banning exports to the United States of gallium, germanium, antimony, and other key high-tech materials with potential military applications. Beijing took the measure after the U.S. expanded its list of Chinese companies subject to export controls on computer chip-making
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