Samsung Shares Rebound After Military Coup-Induced Plunge

According to data collected by Investing.com, the price of South Korean tech giant Samsung Electronics' stock reached KRW 53,700 at the close of trading on Thursday, December 5, 2024.

This figure is up 1.13% from the closing price on Wednesday, December 4, 2024, which was KRW 53,100.

Wednesday's price was down 0.93% from Tuesday, December 3, 2024, which was KRW 53,600. The drop in share price is believed to be due to the heated political climate resulting from the declaration of martial law.

However, looking at the trend, Samsung's share price has been falling almost continuously for a week. It had reached a high of KRW 58,300 on November 26, 2024, its highest level in a month.

(Read also: South Korea's Economic Growth After the 1979 Martial Law)

Martial Law

According to Katadata, South Korean politics heated up after President Yoon Suk-yeol unexpectedly declared martial law on Tuesday, December 4. Although Yoon later revoked the order after parliamentary rejection, political tensions in South Korea have not subsided.

Yoon even faces impeachment threats from the opposition party. The opposition considers the decree a violation of the constitution, arguing that there were no conditions requiring South Korea to declare martial law.

"This is a serious act of rebellion and provides perfect grounds for his impeachment," said the Democratic Party, the opposition to Yoon's government, in a press release, quoted by The Guardian on Wednesday, December 4.

Yoon suddenly announced martial law at 10:30 PM local time. His reason was to crush anti-state forces and the opposition, which he considered left-leaning and sympathetic to North Korea.

However, all members of parliament gathered at the National Assembly to oppose Yoon's decision. Citizens also took to the streets in the early hours of the morning to protest Yoon's actions.

After a vote, parliament decided to reject martial law. President Yoon responded by revoking the martial law decree at 4:30 AM local time, six hours after it was announced.

(Read Katadata: Chronology of 6 Hours of Martial Law in South Korea, Leading to Calls for Presidential Impeachment)