Seoul stocks open sharply lower amid Mideast uncertainty
Officials work at a dealing room of Hana Bank in Seoul, Monday. Yonhap
Seoul stocks opened sharply lower Monday, bucking advances on Wall Street, as geopolitical uncertainties in the Middle East pushed up oil prices.
The benchmark Korea Composite Stock Price Index (KOSPI) was down 215.35 points, or 3.12 percent, to 6,694.56 as of 9:16 a.m.
On Friday (U.S. time), U.S. stocks closed higher on reports Gulf diplomats and Iran officials could hold a meeting Monday to discuss plans to reopen the Strait of Hormuz, without the U.S. participating.
The S&P 500 added 0.86 percent, and the tech-heavy Nasdaq inched up 0.96 percent.
But the Omani foreign minister said the meeting was indefinitely suspended, dampening hopes for the opening of the crucial shipping route.
In Seoul, most market top caps were trading lower.
Chip giant Samsung Electronics fell 3.37 percent, while its rival SK hynix declined 5.02 percent.
Battery maker LG Energy Solution dipped 2.22 percent, and carmaker Hyundai Motor fell 4.05 percent, while defense giant Hanwha Aerospace added 1.39 percent.
The Korean won was trading at 1,346.8 won against the U.S. dollar, down 2.7 won from the close of the previous stock trading session.