Korea Gas Corporation led the declines in the Kospi index, falling over 14%. The benchmark Kospi fell 2% while the Kosdaq was down 2.4%. The South Korean won depreciated further by 0.05% to trade at 1,415.78 against the greenback, recovering from a sharp fall overnight. Late Tuesday night, Yoon declared an emergency martial law and mobilized the army, vowing to thwart “anti-state forces” among his opponents, only to reverse the decision early Wednesday morning after the National Assembly voted to overturn the president’s decree. The sudden burst of political chaos has added a fresh blow to the country’s financial markets, driving capital outflows and weakening the currency, Chong Koon Park, head of Korea and Japan economic research at Standard Chartered Bank, told CNBC in an email. The Bank of Korea in an extraordinary board meeting said it would increase short-term liquidity and take several measures to keep financial markets stable. Ahead of the meeting that kicked off at 9 a.m. local time, the country’s financial regulator had said it would deploy “unlimited liquidity” to stabilize the financial markets. South Korean stocks experienced significant fluctuations in the U.S. overnight. The iShares MSCI South Korea ETF, which tracks more than 90 large and mid-sized companies in South Korea, tumbled as much as 7% to hit a 52-week low before trimming losses to close 1.6% down.