Shares in companies linked to prominent South Korean political figures surged Wednesday, following the repeal of martial law and a renewed impeachment push against President Yoon Suk Yeol.

The sharp rise in stocks seen as politically affiliated appears to be attributed to President Yoon's precarious position following his declaration and subsequent revocation of martial law. As Yoon's grip on power weakens, investors are increasingly betting on stocks linked to prominent presidential contenders.

Among them, stocks tied to main opposition leader Lee Jae-myung of the Democratic Party of Korea shot up the most, rising by almost the daily limit on Wednesday, reflecting the view that Lee could gain from the current political turmoil and that it could positively impact related companies.

Il Sung Construction was trading at 2,025 won as of 11:30 a.m. on the benchmark Kospi, up 29.89 percent from the previous day. Il Sung has been perceived as a potential beneficiary of the opposition leader Lee’s flagship affordable housing initiative. The sudden surge highlights investor speculation that Lee’s housing policies could lead to more construction projects and government support for firms involved in public housing projects.

Other so-called “Lee Jae-myung theme stocks” soared. Dongshin Engineering & Construction, headquartered in Andong, Lee’s hometown in North Gyeongsang Province, was trading at 27,150 won, up 29.9 percent from the previous session. Atec Mobility surged 29.99 percent to 18,770 won. Atec, based in Seongnam Gyeonggi Province, is led by a close aid of Lee from the time when Lee served as Seongnam mayor in the 2010s. Orient Precision Industries also rose 29.97 percent to 1,470 won. The firm has long been associated with Lee, who previously worked at its affiliate Orient Watch Company.

Stocks tied to ruling People Power Party leader Han Dong-hoon rose as well. Daesang Holdings jumped 29.58 percent to 2,470 won on the Kospi. The food manufacturer Daesang is associated with Han due to his close friendship with actor Lee Jung-jae, whose partner Lim Sae-ryung serves as the firm's vice chair.

Also among Han-related stocks, Taeyang Metal jumped 28.60 percent to 3,530 won and Chasys gained 21.16 percent to 1,563 won.

Meanwhile, stocks linked to Seoul Mayor Oh Se-hoon have also risen, although not by as much as the Lee-related stocks. Among the Oh-linked stocks, Hanil Chemical rose 4.01 percent to 10,380 won, while Jinyang Industry was trading at 6,610 won, up 5.09 percent.

The volatile market activity followed a tumultuous night during which President Yoon declared emergency martial law, accusing the opposition of "anti-state activities" and "plotting rebellion."

The martial law decree imposed a nationwide ban on assemblies, publication and political activities, among others, but was lifted about six hours later in response to parliament's unanimous resolution to overturn it.

After the decree was rescinded, opposition parties upped the ante and called for Yoon’s resignation, with the Democratic Party, which holds a majority in the 300-seat parliament, warning of impeachment if he does not step down voluntarily.