Seoul shares open lower amid escalating Mideast tensions, rising oil prices
Seoul shares opened lower Thursday, tracking Wall Street losses, as surging oil prices caused by intensifying tensions in the Middle East fueled inflation concerns ahead of key U.S. inflation data. After opening 0.18 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) extended losses, trading down 20.11 points, or 0.29 percent, to 7,031.53 as of 9:15 a.m. Overnight, U.S. stocks…
Seoul's stock market opened lower on Thursday, mirroring declines on Wall Street as tensions in the Middle East and surging oil prices sparked inflation concerns ahead of critical U.S. economic data. The Korea Composite Stock Price Index (KOSPI), a key market indicator, slipped 20.11 points, or 0.29 percent, to 7,031.53 by 9:15 a.m., continuing its downward trajectory from a 0.18 percent opening loss.
The U.S. stock market also experienced a downturn, with the Dow Jones Industrial Average slipping 0.77 percent and the tech-focused Nasdaq Composite falling 0.64 percent. Rising oil prices have heightened worries about inflation, potentially prompting the U.S. Federal Reserve to increase interest rates to curb price increases.
In Seoul's stock exchanges, large-cap companies showed mixed results. Samsung Electronics, a market-leading firm, fell 0.74 percent, while battery manufacturer Samsung SDI declined 1.05 percent. State-owned utility Korea Electric Power Corp. dropped 1.93 percent, and oil refiner S-Oil experienced a 1.02 percent decrease.
However, there were some positive movements. Chipmaker SK hynix, a competitor of Samsung Electronics, gained 0.05 percent, and top automaker Hyundai Motor rose 0.52 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.
