Seoul shares extend losses late Monday morning on tech sell-off

Seoul shares continued to decline late Monday morning, with technology stocks taking the brunt of the losses, as high oil prices and heightened Middle Eastern tensions raised inflation fears. The Korea Composite Stock Price Index (KOSPI) lost 150.98 points, or 2.28 percent, from its opening value of 6,474.95, bringing the index to 6,424.97 by 9:15 a.m. Local time.

Foreign investors exited the market, with abroad net 699.27 billion won ($524 million) in stock sales by foreigners, while domestic investors and institutions added 3.25 billion won and 441.74 billion won to the selling tally, respectively. The market's downturn persisted despite positive performance on Wall Street on Friday (U.S. time). The Dow Jones Industrial Average climbed 0.83 percent, while the tech-focused Nasdaq Composite gained 0.64 percent.

Tensions in the Middle East, particularly after renewed Houthi attacks on Saudi Arabia's main airport on the weekend, caused oil prices to surge. A wider regional conflict could exacerbate energy supply disruptions, heightening inflation and intensifying pressure on the Federal Reserve to raise interest rates. Among the affected sectors, technology stocks led the decline. Samsung Electronics, a major player in the industry, saw its stock price drop by 2 percent.