It's the first time martial law was declared in South Korea since 1980. Stocks plunged, but the market stabilized as parliament voted to lift the order.

The iShares MSCI South Korea ETF, which tracks more than 90 large and mid-sized companies in South Korea, tumbled 6% to hit a 52-week low.

South Korean stocks and exchange-traded funds listed in New York fell, while the won tumbled, after South Korea’s president declared martial law. The won sank more than 1% against the dollar The iShares MSCI South Korea ETF dropped about 2.

South Korean assets tumbled after the country’s president declared martial law, sparking investor concern about political instability and unrest.

"I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the despicable pro-North Korean anti-state forces that

Parliamentary aides in South Korea emptied fire extinguishers on armed troops entering the national assembly as protesters took to the streets.

South Korea’s opposition party members gather at the country's parliament building on Dec. 4 after the president declared martial law.

South Korea's President Yoon Suk Yeol has declared martial law, citing the need to protect against "communist forces" amid budget disputes.

South Korean President Yoon Suk Yeol, struggling amid low approval ratings, accused the opposition-held parliament of blocking government actions.