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, South Korea's benchmark stock index, experienced a decline on Friday due to increasing oil prices and heightened geopolitical tensions in the Middle East. The index opened 3.29 percent lower at 6,802.50 and subsequently closed at 6,909.91, marking a 1.76 percent decrease from the previous trading session. Foreign investors sold a net 2.29 trillion won worth of shares, while institutional investors also sold shares, amounting to a net 1.22 trillion won.
However, retail investors managed to buy shares, purchasing 1.87 trillion won worth of shares in the process.
Notable market bellwethers such as SK hynix and Samsung Electronics also saw their shares fall. SK hynix dropped 2.21 percent to close at 1.812 million won, and Samsung Electronics experienced a 3.35 percent decline, settling at 259,500 won. The persistent rise in international oil prices, with West Texas Intermediate and Brent crude futures surpassing $100 per barrel, further fueled concerns over inflation.
These inflationary worries were exacerbated by the recent surge in the U.S. producer price index, which rose by 5.4 percent in August compared to a year ago.
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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- KOSPI falls on higher oil prices, global bond yields koreatimes.co.kr
