Seoul shares sharply down late Wed. morning on heightened Mideast tensions
SEOUL, Sept. 2 (Yonhap) -- South Korean stocks traded sharply lower late Wednesd...
South Korean stocks plunged sharply on Wednesday morning due to heightened Middle East military tensions. The Korea Composite Stock Price Index (KOSPI) fell by 195.54 points, or 2.86 percent, reaching 6,640.26 at 11:20 a.m. Warnings of an economic slowdown emerged as U.S. stocks slipped lower, pressured by fears of rising inflation stemming from higher oil prices following the United States and Iran's exchange of strikes.
The Dow Jones Industrial Average declined by 0.79 percent, and the S&P 500 dropped 0.71 percent. The tech-heavy Nasdaq composite suffered a 1.03 percent decline. Broadly, most shares in Seoul turned bearish. Samsung Electronics, a top-cap company, saw a 2.97 percent drop, while SK hynix, the second-largest share by market capitalization, plummeted 3.13 percent.
Defense firm Hanwha Aerospace experienced a 3.02 percent decrease, and shipbuilder HD Hyundai Heavy Industries saw a 5.08 percent slump. Hyundai Mobis, an auto parts subsidiary of Hyundai Motor Group, tumbled 6.2 percent, and food giant CJ Cheiljedang fell 1.99 percent. The Korean won was quoted at 1,370.4 won per U.S. dollar at 11:20 a.m., marking a 3 won increase from the previous trading session.
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