Asia markets set to open mixed as South Korea grapples with political turmoil amid martial law flip-flop

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Asia markets set to open mixed as South Korea grapples with political turmoil amid martial law flip-flop

People gather outside the National Assembly, after South Korean President Yoon Suk Yeol declared martial law, in Seoul, South Korea, December 4, 2024. 

Soo-hyeon Kim | Reuters

Asia-Pacific markets were set for a mixed open Wednesday, after a day of political upheaval in South Korea that saw President Yoon Suk Yeol lift an earlier decree of martial law.

Amid fears of financial instability, a Bank of Korea official reportedly said the bank’s monetary policy board will convene an extraordinary board meeting at around 9 a.m KST.

According to Reuters, the South Korea government has announced that it will inject unlimited liquidity into financial markets for long as necessary in an attempt to calm sentiment.

The Korea Exchange has announced that the country’s stock markets will open normally at 9 a.m.

In the U.S. on Tuesday, South Korean stocks swung wildly amid the political upheaval that rocked the world’s 13th-largest economy.

The iShares MSCI South Korea ETF (EWY), which tracks more than 90 large and mid-sized companies in South Korea, tumbled as much as 7% to hit a 52-week low.

Later in the day, the ETF cut losses and closed Tuesday down 1.6% after Yoon said he would lift the emergency declaration following the National Assembly’s vote to overturn his martial law decree.

Australia’s S&P/ASX 200 opened 0.37% lower.

Japan’s Nikkei 225 futures pointed to a higher open for the market, with the futures contract in Chicago at 39,270 and its counterpart in Osaka at 39,250 compared to the previous close of 39,248.86.

Hong Kong Hang Seng index futures were at 19,785, higher than the HSI’s last close of 19,746.32.

In the U.S. overnight, the S&P 500 inched up by 0.05%, while the Nasdaq Composite added 0.4%. Both indexes closed at records. The 30-stock Dow was the laggard, with a decline of nearly 0.2%.

— CNBC’s Yun Li and Hakyung Kim contributed to this report.

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