KOSPI falls on higher oil prices, global bond yields
The KOSPI edged lower Friday amid rising oil prices as renewed geopolitical tensions in the Middle East fueled concerns over inflation. The benchmark index opened 3.29 percent lower at 6,802.50 and pared some of its losses in afternoon trading before closing at 6,909.91, down 1.76 percent from the previous session. Foreign investors sold a net 2.29 trillion won ($1.70 billion) worth of shares,…
The KOSPI index declined on Friday as oil prices climbed and geopolitical tensions in the Middle East raised worries about inflation. The index started the day 3.29% lower at 6,802.50, but managed to recover somewhat during the afternoon before closing 1.76% down at 6,909.91 from the previous session. Foreign investors offloaded a total of 2.29 trillion won ($1.70 billion) worth of shares, while institutional investors sold 1.22 trillion won.
Retail investors, however, were net buyers, purchasing shares worth 1.87 trillion won. Notably, major market players also experienced losses. SK hynix fell by 2.21% to close at 1.812 million won, and Samsung Electronics dropped by 3.35% to finish at 259,500 won. With no immediate chance of Iran and the United States resuming negotiations, oil prices kept rising.
West Texas Intermediate and Brent crude futures surpassed $100 per barrel, exacerbating inflation concerns. The situation was further complicated by the U.S. producer price index, which increased by 5.4% in August compared to the previous year.
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- KOSPI falls on higher oil prices, global bond yields koreatimes.co.kr
