Seoul shares start sharply lower on tech losses amid Hormuz hopes
The benchmark KOSPI is displayed at a dealing room of Hana Bank in Seoul, Thursday. Yonhap
Korean stocks opened sharply lower Thursday, driven by losses in some big technology companies on Wall Street amid signs of progress on the Strait of Hormuz.
After opening 1.81 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) shed 105.95 points, or 1.61 percent, to 6,492.31 as of 9:15 a.m.
Overnight, U.S. stocks finished mixed.
While the Dow Jones Industrial Average rose 0.49 percent, the tech-heavy Nasdaq Composite lost 0.83 percent, weighed down by big technology companies losing ground, including Alphabet, Google's parent company, and Advanced Micro Devices.
News outlets reported that Iran and Oman have agreed on a route for ships transiting the Strait of Hormuz, with Tehran exercising control of the crucial waterway.
In Seoul, tech shares led the decline.
Market bellwether Samsung Electronics fell 1.52 percent and its chipmaking rival SK hynix slumped 5.22 percent.
Internet giants Naver and Kakao declined 1.31 percent and 1.05 percent, respectively.
However, top carmaker Hyundai Motor rose 0.49 percent and leading shipbuilder HD Hyundai Heavy Industries gained 1.38 percent.
The Korean won was trading at 1,424 won against the U.S. dollar as of 9:15 a.m., up 0.9 won from the close of stock trading the day before.