South Korea’s Finance Minister said on Tuesday that the government will take all possible measures to stabilize financial markets, if necessary, after President Yoon Suk Yeol delivered an emergency national address.
“We will mobilize all possible measures to stabilize financial and foreign exchange markets, including unlimited liquidity injections,” Choi Sang-mok said at an emergency meeting with top economic officials in Seoul.
South Korean assets plunged after the country’s president declared martial law, sparking concern among investors about political instability and unrest.
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The iShares MSCI South Korea ETF fell 5.1% in U.S. trading, its worst intraday drop since Aug. 5. The won reached its weakest level against the US dollar in more than two years. London-listed shares of Samsung Electronics lost 5%.
Demanding that the martial law declared by President Yoon Suk Yeol be lifted, local media showed. The session, which continues into the early hours of Wednesday local time, has 190 of the 300 members present.
The president of South Korea, declared emergency martial law in the country hours earlier, accusing the opposition of collaborating with North Korea.
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“To safeguard a liberal South Korea from the threats posed by North Korean communist forces and eliminate anti-state elements… I declare emergency martial law,” the president said in a speech televised live by local broadcaster YTN.
(Com Reuters)
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