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 heightened Middle East tensions and skyrocketing oil prices raised worries about inflation before upcoming U.S. inflation data. The Korea Composite Stock Price Index (KOSPI), a key benchmark, slipped 20.11 points, or 0.29 percent, to 7,031.53 by 9:15 a.m. local time following a rocky start.
Earlier, U.S. equities had ended the previous trading session in the red due to escalating Middle East tensions and a surge in oil prices. The Dow Jones Industrial Average slipped 0.77 percent, while the tech-focused Nasdaq Composite slipped 0.64 percent. In Seoul, large-cap companies saw mixed results. Tech giant Samsung Electronics dipped 0.74 percent, while battery producer Samsung SDI fell 1.05 percent.
State-owned utility Korea Electric Power Corp. dropped 1.93 percent and oil company S-Oil declined 1.02 percent. However, some stocks managed to rise. Samsung Electronics' chipmaking counterpart SK hynix gained 0.05 percent, and major automaker Hyundai Motor increased by 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.
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