South Korean stocks rebound from lows in chaotic trading as president says he’s lifting martial law

South Korean stocks swung wildly in the U.S. on Tuesday amid a day of political upheaval in Korea after President Yoon Suk Yeol was forced to lift an earlier emergency martial law decree, raising fears of instability in 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.

The ETF is still on pace for its fifth straight negative day with unusually heavy trading volume. Over 35 million shares have changed hands so far Tuesday, more than 10 times its 30-day average volume.

U.S.-traded shares of Korean companies were off their session lows. Korea Electric Power’s American depositary receipts (ADRs) dropped more than 2%, and Korean e-commerce giant Coupang shed 3.7%. KT Corp., formerly Korea Telecom, saw shares fall less than 1%. Posco, a South Korean steel manufacturer, declined more than 4%.

Within three hours of Yoon declaring martial law late Tuesday night, 190 out of the 300 National Assembly lawmakers gathered to overturn the emergency order.

The president accused opposition parties of sympathizing with North Korea and controlling parliament. Yoon did not specify how martial law — a temporary rule by military authorities in a time of emergency — would affect governance and democracy in the country.

“The Administration is in contact with the ROK government and is monitoring the situation closely,” said the White House National Security Council in a statement to NBC News.

Under the martial law declaration, all political activities and acts that “incite social disorder” are prohibited. This is the first time since 1980 that a South Korean leader has issued a martial law declaration.

The Korea Exchange announced early Wednesday morning that the stock market would begin trading as normal at 9 a.m. KST.

The U.S. dollar was last higher by about 0.9% against the South Korean won Tuesday.