Asian equities stumbled on Wednesday while currencies were volatile as traders scrambled to contend with the political storm in South Korea, where martial law was imposed and subsequently lifted hours later.

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.

Asian markets are mostly lower after overnight political drama in South Korea added to regional uncertainties.

By Ankur Banerjee SINGAPORE (Reuters) -Asian equities stumbled on Wednesday as traders contended with the political storm in South Korea, where martial law was imposed and subsequently lifted hours later,

South Korean stocks sank Wednesday while the won rebounded from earlier losses after President Yoon Suk Yeol dramatically declared martial law overnight before reversing the decision hours later.

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.