(LEAD) Seoul stocks open lower amid resumed military attacks in Mideast
SEOUL, Sept. 1 (Yonhap) -- South Korean stocks opened lower Tuesday, dragged dow...
South Korean stocks began the trading day on a downward trajectory on Tuesday, as losses on Wall Street were exacerbated by the resurgence of military confrontations between the United States and Iran. The benchmark Korea Composite Stock Price Index (KOSPI) slipped further, falling 84.81 points, or 1.24 percent, to 6,735.21 by 9:15 a.m. local time.
The overnight performance of major U.S. stocks, which closed lower due to renewed U.S.-Iran airstrikes and Federal Reserve Chair Kevin Warsh's hawkish remarks, compounded concerns about inflation. The Dow Jones Industrial Average slipped 0.7 percent, the S&P 500 dropped 0.33 percent, while the Nasdaq composite declined 0.12 percent.
Companies such as Samsung Electronics and SK hynix, leading electronics manufacturers, suffered the steepest declines, with Samsung shedding 2.31 percent and SK hynix dropping 1.19 percent. Hyundai Motor Group and Hanwha Aerospace, both in the automotive and defense sectors respectively, also experienced a slide, with Hyundai Motor retreating 1.12 percent and Hanwha Aerospace losing 2.45 percent.
Conversely, shipbuilder HD Hyundai Heavy Industries and pharmaceutical firm Celltrion managed modest gains, with HD Hyundai Heavy Industries up 0.33 percent and Celltrion rising 0.74 percent. The Korean won appreciated slightly against the U.S. dollar, trading at 1,368.15 won per dollar as of 9:15 a.m., marking a 1.15 won increase from the previous trading day's close.
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