South Korea’s stock markets dropped sharply Friday as political tensions intensified over calls to impeach President Yoon Suk Yeol, adding pressure to an already fragile investment landscape.

As of 11:05 a.m., the Kospi, South Korea’s main stock index, fell 31.56 points, or 1.29 percent to 2,410.49. Although the market opened slightly higher due to bargain-hunting after recent declines, those early gains quickly reversed.

Investor sentiment appeared mixed. Retail and foreign investors sold shares worth 170 billion won ($119.5 million) and 78 billion won, respectively, while institutional investors bought a net 240 billion won worth of shares. However, institutional buying wasn’t enough to stabilize the market.

Losses were even steeper on the tech-heavy Kosdaq market, which tumbled 2.88 percent to 651.61 -- a new low for the year. The index even briefly dipped below the 650-point mark.

The selloff coincides with growing political turmoil. On Friday, Han Dong-hoon, leader of the ruling People Power Party, announced support for a motion in the National Assembly to impeach President Yoon Seok Yeol.

“I have decided that President Yoon’s suspension of duties should move forward as quickly as possible,” Han said.