Seoul stocks open almost flat as investors digest external uncertainties
Seoul stocks opened almost flat Thursday as investors sat on the sidelines ahead of the latest rate decision from the U.S. central bank and mounting external uncertainties, including rising oil prices. After opening a tad lower, the benchmark Korea Composite Stock Price Index (KOSPI) was up 0.69 point, or 0.01 percent, to 6,627.95 points, as of 9:15 a.m. Overnight, stocks on Wall Street closed…
Seoul's stock market opened flat on Thursday as investors remained cautious amid external uncertainties, including rising oil prices. The Korea Composite Stock Price Index (KOSPI) gained just 0.69 point, or 0.01 percent, to 6,627.95 points by 9:15 a.m. The previous day, Wall Street stocks had slipped as investors adopted a cautious approach due to the increasing cost of oil.
The S&P 500 fell by 0.45 percent, while the technology-focused Nasdaq fell 0.78 percent. A recent attack on a vital Saudi oil pipeline by Yemeni Houthi rebels has further exacerbated the situation, causing Brent Crude futures to surge over 2 percent, exceeding $108 per barrel. Simultaneously, the yield on 10-year U.S. Treasuries crossed the 5 percent mark for the first time since July 2007, signaling a growing expectation for the Federal Reserve to raise interest rates during their September policy meeting.
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.
This story
This is one outlet's version. Read the fullest account.
