Seoul: Seoul shares opened lower Thursday as investors remain worried over political turmoil after President Yoon Suk Yeol's short-lived attempt at martial law. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.64 points, or 0.43 percent, to 2,453.36 in the first 15 minutes of trading. According to Yonhap News Agency, late Tuesday, President Yoon declared martial law, accusing the main opposition Democratic Party of being "anti-state forces" paralyzing the operation of the nation with impeachment motions and a downsized budget bill. However, Yoon abandoned the martial law attempt, the country's first such motion in over four decades, early Wednesday after the National Assembly voted to overturn the declaration. In response, the opposition parties submitted a motion earlier in the day to impeach the president over the botched martial law. The political instability has led to declines primarily in auto and energy stocks. Top carmaker Hyundai Motor fell 1.2 percent, its smaller affiliate Kia Corp . declined 1.43 percent, and leading battery maker LG Energy Solution shed 0.51 percent. Additionally, Samsung SDI, the No. 2 battery maker, fell 1.16 percent, leading refiner SK Innovation declined 0.35 percent, and LG Chem was down 1.09 percent. On a more positive note, tech stocks showed resilience with market bellwether Samsung Electronics rising 1.13 percent and No. 2 chipmaker SK hynix gaining 1.85 percent, driven by bargain hunting. Other gainers included Korea Zinc, the world's largest refined zinc smelter, which jumped 4.31 percent, leading shipping firm HMM climbed 0.45 percent, and state-run Korea Gas Corp. was up 0.75 percent. Meanwhile, the local currency was trading at 1,414.25 won against the greenback at 9:15 a.m., down 4.15 won from the previous session, reflecting the ongoing economic uncertainties in the wake of the political developments.
Seoul Shares Decline Amid Political Unrest Following Martial Law Attempt.
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