Seoul shares extend losses late Mon. morning on tech sell-off

Seoul shares continued their decline on Monday morning, with technology stocks leading the downturn, as high oil prices and heightened Middle East tensions fueled inflation worries. The Korea Composite Stock Price Index (KOSPI) slipped 150.98 points, or 2.28 percent, to 6,474.95 by 9:15 a.m., down from an opening loss of 0.72 percent.

Foreign investors sold a total of 699.27 billion won (US$524 million) in stocks, while domestic investors and institutions bought a combined total of 444.99 billion won. Despite a positive start on Wall Street, with the Dow Jones Industrial Average up 0.83 percent and the Nasdaq Composite gaining 0.64 percent, the broader economic outlook remained uncertain.

Oil prices surged due to renewed Houthi attacks on Saudi Arabia's main airport, which could further disrupt energy supplies and push inflation higher, prompting the Federal Reserve to raise interest rates. Among the biggest losers were Samsung Electronics, SK hynix, Hanwha Aerospace, and HD Hyundai Heavy Industries. Conversely, Kia and HMM experienced gains.

The Korean won strengthened to 1,335.35 per U.S. dollar, up 6.65 won from the previous session's close.