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.

South Korean stocks dropped in the U.S. on Tuesday after President Yoon Suk Yeol invoked emergency powers and declared martial law, raising fear of instability in the world’s 13th largest economy. The iShares MSCI South Korea ETF,

South Korean President Yoon Suk Yeol declared martial law, vowing to eliminate “anti-state” forces as he struggles against an opposition that controls the country’s parliament and that he accuses of sympathizing with North Korea.

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