Seoul shares open lower on inflation, Mideast woes

Seoul's stock market opened lower on Monday due to losses in technology stocks, exacerbated by inflationary concerns driven by high oil prices and a growing Middle East conflict. The Korea Composite Stock Price Index (KOSPI) fell 1.26 percent to 6,542.21 as of 9:15 a.m., slipping 0.72 percent from its opening. Despite Wall Street's overnight gain, the decline persisted.

The Dow Jones Industrial Average rose 0.83 percent for the day, and the tech-focused Nasdaq Composite climbed 0.64 percent. Oil prices surged as tensions in the Middle East intensified following renewed Houthi attacks on Saudi Arabia's principal airport over the weekend. A wider region-wide conflict could further strain energy supplies, exacerbating inflation and prompting the Federal Reserve to tighten monetary policy.

In Seoul, technology companies were the primary culprits behind the market's downward trajectory. Samsung Electronics, a major player, slipped 0.95 percent, while its rival chipmaker SK hynix fell 2.71 percent. Defense conglomerate Hanwha Aerospace declined 2.13 percent, and top shipbuilder HD Hyundai Heavy Industries plummeted 4.04 percent.