Seoul stocks open lower amid resumed military attacks in Mideast
Korean stocks opened lower Tuesday, dragged down by losses on Wall Street due to a resumption of military clashes between the United States and Iran. After opening 0.52 percent down, the benchmark Korea Composite Stock Price Index (KOSPI) extended losses, trading 84.81 points, or 1.24 percent, lower at 6,735.21 as of 9:15 a.m. Overnight, major U.S. stocks closed lower as renewed U.S.-Iran…
Korean markets opened lower on Tuesday, following a resurgence of military confrontations between the United States and Iran. The Korea Composite Stock Price Index (KOSPI), which serves as the benchmark, dropped 1.24 percent, or 84.81 points, to 6,735.21 by 9:15 a.m. The decline in U.S. stocks was driven by renewed exchanges of airstrikes between the U.S. and Iran, as well as Federal Reserve Chair Kevin Warsh's hawkish speech that heightened concerns about inflation.
The Dow Jones Industrial Average fell 0.7 percent, while the S&P 500 lost 0.33 percent, and the Nasdaq composite dropped 0.12 percent. Among the major Korean companies, Samsung Electronics, a market heavyweight, declined 2.31 percent, while SK hynix fell 1.19 percent. Hyundai Motor, a leading car manufacturer, slipped 1.12 percent, and defense contractor Hanwha Aerospace experienced the steepest loss, falling 2.45 percent.
However, there were some bright spots in the market, with HD Hyundai Heavy Industries rising 0.33 percent and pharmaceutical firm Celltrion gaining 0.74 percent. As of 9:15 a.m., the Korean won was trading at 1,368.15 won per U.S. dollar.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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