South Korea is one of the rising stars of the Asian growth story. With its thriving military/ defence industry, its strong economy, and its globally accommodated soft power (K-Pop or popular Korean culture) the country has carved out a space for itself.

South Korea's Late Night Drama

On Tuesday however, the democratic country was almost plunged into chaos after the country's incumbent president, Yoon Suk Yeol declared a state of emergency by declaring martial law in the country.

In South Korea, as per the constitution, this situation (martial law) would lead to a complete clampdown on all civil functioning, with the country's armed forces and its commander-in-chief, the president taking complete control.

However, the major decision did not last, as Yoon Suk Yeol withdrew the emergency martial law hours after declaring it. This came to pass after the country's parliament did not endorse Yeol's decision and blocked the move. It is to be noted, that the country's opposition was reportedly not allowed to even enter the parliament.

(File photo) South Korea President Yoon Suk Yeol

South Korean Market In Red

Amid this chaos baked in the conservative, 'outsider' president's flip-flop the KOSPI Index, South Korea's marquee index is trading with the deep deficit. The Seoul-based index started at 2,450.76, below its previous day's closing of 2,500.10.

Post the drop, the index recovered a little, hitting the high 2,483.04 points, only to drop even further from there.

At the time of writing, the KOSPI Composite Index dipped by 1.88 per cent or 46.91 points, taking the overall value of the index to 2,453.19 points.

 This is in addition to the overall of deficit of 1.86 per cent or 46.50 points over the past 5 trading sessions.

The South Korean President who was voted into power by the Koreans has seen his popularity diminish over the past 2 years. In fact, Yoon Suk Yeol, according to Morning Consult is the least popular world leader, even below the likes of Olaf Scholz and Israel's Benjamin Netanyahu.

Many commentators have attributed this failed tactic of decalring martial law as a result of this unpopularity, and in ability to pass his legislations.