It's the first time martial law was declared in South Korea since 1980. Stocks plunged, but the market stabilized as parliament voted to lift the order.

Asian equities stumbled on Wednesday while currencies were volatile as traders scrambled to contend with the political storm in South Korea, where martial law was imposed and subsequently lifted hours later.

Expect volatility and negative price action across South Korean assets and interlinked markets, wrote Rory Green, at GlobalData.TS Lombard..

Asian markets are mostly lower after overnight political drama in South Korea added to regional uncertainties.

Asian Stocks Slide After South Korea's Political Drama, but Kospi Falls Only 2% HONG KONG (AP) — Asian markets retreated Wednesday after overnight political drama in South Korea added to regional uncertainties,

South Korea's benchmark Kospi index fell 1.4% to close at 2464.00, as political instability unnerved traders after President Yoon Suk Yeol quickly rebuffed martial law. Though the immediate crisis has passed,

The iShares MSCI South Korea ETF, which tracks more than 90 large and mid-sized companies in South Korea, tumbled 6% to hit a 52-week low.

South Korea’s Parliament voted unanimously to end martial law, according to media reports, hours after President Yoon Suk Yeol put the country under military control in an unexpected announcement Tuesday.