Seoul stocks slightly lower late Tuesday morning on inflation woes

Korean stocks experienced a slight decline late Tuesday morning due to rising oil prices, which heightened inflation concerns and caused U.S. Treasury yields to increase. This market movement was further influenced by tensions in the Middle East. The Korea Composite Stock Price Index (KOSPI) fell 12.76 points, or 0.19 percent, to 6,876.98 by 11:20 a.m. The previous day, U.S. stocks declined as heightened tensions between the United States and Iran led to an increase in crude oil prices, raising concerns about persistent high inflation and elevated interest rates.

The benchmark 10-year yield rose to 5.23 percent, and the 30-year yield climbed to 5.55 percent, approaching multiyear peaks. Among major indices, the S&P 500 slipped by 0.77 percent, the Dow Jones Industrial Average dropped 0.67 percent, and the tech-focused Nasdaq composite decreased by 0.92 percent. Notable individual performers included chipmakers, which rebounded from significant losses the day before, with Samsung Electronics up by 1.48 percent and SK hynix rising by 0.4 percent. Conversely, major automobile manufacturer Hyundai Motor saw a decline of 2.12 percent.