Seoul stocks open sharply lower amid escalating hostilities in Mideast
The benchmark KOSPI and Kosdaq indices are displayed at a dealing room of Hana Bank in Seoul, Wednesday. Yonhap
Korean stocks started sharply lower Wednesday, tracking losses on Wall Street, as the United States and Iran continued exchanging military attacks, which pushed up oil prices.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 184.73 points, or 2.7 percent, to 6,651.07 as of 9:15 a.m.
Overnight, major U.S. stocks closed lower as a new round of U.S. military strikes on Iran pushed up oil prices and fueled concerns over inflation in the world's largest economy.
Inflation worries stoked a government bond selloff, as the benchmark 10-year U.S. Treasury yield rose to the highest point since January last year.
The Dow Jones Industrial Average fell 0.79 percent, and the S&P 500 lost 0.71 percent. The tech-heavy Nasdaq composite dropped 1.03 percent.
In Seoul, most shares opened in negative territory.
Market bellwether Samsung Electronics tumbled 3.26 percent, and its chipmaking rival SK hynix sank 3.01 percent.
Top carmaker Hyundai Motor slumped 3.87 percent, and major energy firm Doosan Enerbility slid 3.32 percent.
Retail giant Shinsegae dipped 6.08 percent, and leading pharmaceutical firm Samsung Biologics retreated 1.32 percent.
The Korean won was quoted at 1,371.05 won against the U.S. dollar as of 9:15 a.m., up 2.35 won from the close of the previous stock trading session.