South Korean shares fall more than 3% as Iran war escalates
SEOUL: Round-up of South Korean financial markets: South Korean shares fell more than 3% on Wednesday, weighed by rising bond yields on escalating conflict between the US and Iran. The benchmark KOSPI was down 214.27 points, or 3.13%, at 6,621.53 as of 0158 GMT. US stocks extended their slide on Tuesday, as the global bond selloff deepened and crude prices spiked amid fading hopes for a near-term…
South Korean stocks dropped more than 3% on Wednesday, driven by rising bond yields amid escalating tensions between the US and Iran, according to wire reports. The KOSPI index fell 214.27 points, or 3.13%, to 6,621.53. US stocks also declined on Tuesday as a global bond selloff intensified and oil prices surged due to fears over the conflict.
The US conducted airstrikes against Iran, leading to retaliation and heightening the crisis. Analyst Han Ji-young of Kiwoom Securities noted heightened sensitivity to macroeconomic factors like oil prices and bond yields. South Korean consumer inflation rose in August, though below forecasts, while key companies in the KOSPI suffered heavy losses.
Samsung Electronics, SK Hynix, LG Energy Solution, Hyundai Motor, Kia Corp, POSCO Holdings, and Samsung BioLogics all saw significant declines. Foreign investors sold shares worth $649.8 million. The Korean won strengthened slightly against the dollar at 1,370.2 per dollar. In bond markets, September futures for three-year treasury bonds fell 0.14 point to 102.99, with yields climbing.
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