Seoul stocks open tad lower despite Wall Street gains
Korean stocks opened lower Monday despite Wall Street's advance, as hopes for a diplomatic breakthrough in the Iran conflict pushed oil prices lower. The benchmark Korea Composite Stock Price Index, or KOSPI, fell 23.06 points, or 0.33 percent, to 7,057.86 in the first minutes of trading. The KOSPI extended its winning streak to a fourth session Wednesday and was closed Thursday and Friday for…
Korean stocks began Monday with a slight decline, despite Wall Street's market gains, as optimism over a potential diplomatic resolution to the Iran conflict sent oil prices downwards. The Korea Composite Stock Price Index, or KOSPI, the primary benchmark for Korean shares, slipped 23.06 points, or 0.33 percent, to settle at 7,057.86 during the early hours of trading.
The KOSPI continued its winning streak for a fourth consecutive session, closing for the Chuseok holiday on Wednesday and Thursday, Korea's Thanksgiving-like public holiday. On Friday, U.S. stocks climbed higher, with technology and industrial firms driving the increase. The Dow Jones Industrial Average rose by 0.93 percent, the S&P 500 gained 0.51 percent, and the tech-focused Nasdaq Composite Index advanced 0.48 percent.
Brent crude oil settled near $104 a barrel following reports that Iran had put forward a proposal to resolve the ongoing conflict.
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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