Seoul stocks open sharply lower amid escalating hostilities in Mideast
Korean stocks started sharply lower Wednesday, tracking losses on Wall Street, as the United States and Iran continued exchanging military attacks, which pushed up oil prices. The benchmark Korea Composite Stock Price Index (KOSPI) fell 184.73 points, or 2.7 percent, to 6,651.07 as of 9:15 a.m. Overnight, major U.S. stocks closed lower as a new round of U.S. military strikes on Iran pushed up oil…
On Wednesday, Korean stocks began their day significantly lower, mirroring declines on Wall Street, as the United States and Iran continued their cycle of military confrontations that drove up oil prices. The Korea Composite Stock Price Index (KOSPI), the key indicator for the market, dropped 184.73 points, or 2.7 percent, bringing its value to 6,651.07 by 9:15 a.m. On the previous evening, U.S. stocks had closed in the red following fresh U.S. military actions against Iran, which triggered a surge in oil prices and heightened fears of inflation in the world's biggest economy.
These inflation concerns triggered a wave of selling in government bonds, with the benchmark 10-year U.S. Treasury yield surging to its highest level since January of the previous year. The Dow Jones Industrial Average declined by 0.79 percent, while the S&P 500 fell 0.71 percent. The tech-focused Nasdaq composite also took a hit, slipping 1.03 percent.
In Seoul, most shares opened in the red. Prominent companies in the market, such as Samsung Electronics, SK hynix, Hyundai Motor, Doosan Enerbility, Shinsegae, and a leading pharmaceutical firm, all experienced declines of between 3.01 percent and 6.08 percent.
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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