(URGENT) Seoul stocks open lower amid resumed military attacks in Mideast
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On Tuesday, Korean stocks commenced the trading day on a bearish note, suffering declines in tandem with Wall Street due to the escalation of military confrontations between the United States and Iran. The benchmark Korea Composite Stock Price Index (KOSPI) plummeted 84.81 points, marking a 1.24 percent decrease, settling at 6,735.21 as of 9:15 a.m. Overnight, key U.S. equities experienced a downward trend as renewed exchanges of airstrikes between the U.S. and Iran, coupled with Federal Reserve Chair Kevin Warsh's hawkish speech, heightened apprehensions regarding inflation.
The Dow Jones Industrial Average plummeted by 0.7 percent, while the S&P 500 slipped by 0.33 percent, and the Nasdaq composite experienced a marginal decline of 0.12 percent. Industry leaders contributed to the market's downward trajectory. Samsung Electronics, a market stalwart, witnessed a decline of 2.31 percent, while its chipmaking counterpart, SK hynix, experienced a 1.19 percent drop.
Hyundai Motor, a leading automobile manufacturer, saw a 1.12 percent decline, and defense conglomerate Hanwha Aerospace suffered a substantial 2.45 percent loss. However, amidst the gloom, a few entities exhibited positive momentum. The nation's flagship shipbuilder, HD Hyundai Heavy Industries, managed a modest gain of 0.33 percent, and pharmaceutical giant Celltrion delivered a positive surprise with a 0.74 percent increase. The Korean won was valued at 1,368.15 won per U.S. dollar as of 9:15 a.m.
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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