South Korea Withdraws Martial Law. What Happens Next

South Korea’s president Yoon Suk Yeol made a brief attempt to impose martial law on Wednesday, but security forces refused to allow lawmakers to vote for his edict, and thousands of protesters gathered outside.

South Korean MPs voted overwhelmingly against martial law at a midnight National Assembly session in protest of the President’s decision.

"We will grant the demand of the National Assembly and abolish the martial law at the Cabinet meeting", Yoon said in a televised speech.

South Korean opposition threatens to launch impeachment proceedings against president without resignation.

South Korea’s ruling party on Wednesday threatened to launch an impeachment probe against President Yoon Suk Yeol unless he resigned after he declared martial law overnight.

Unless Yoon "resigns now, the Democratic Party will begin impeachment proceedings immediately on the people’s initiative," the party said in a statement.

South Korea Withdraws Martial Law. What Happens Next

Wednesday, South Korea's president Yoon Suk Yeol announced he would lift South Korea martial law only hours after imposing it, in a flashpoint moment where he decried the opposition as "anti-state agents" undermining democracy.

When the lawmakers voted against it, Yoon relented. His cabinet also approved the motion to repeal the order, Yonhap news agency reported.

"Just now, the National Assembly asked us to revoke the state of emergency, and we pulled back the army that had been deployed to maintain martial law," Yoon told reporters in a televised speech at 4:40 am.

South Korea’s constitution stipulates that the parliamentary vote to lift martial law must be carried out.

Seoul Stock Exchange Bursts 2% On Martial Law Offer

Seoul shares plunged 2% at the open Wednesday before holding off losses in early trading after President Yoon Suk Yeol temporarily proclaimed and rescinded what is South Korea martial law overnight.

The Kospi composite index dropped to 2,450.76 points at a trading open and shares in the nation’s largest manufacturer Samsung Electronics fell 3 per cent before catching up about 30 minutes later, losing 1.12 percent.