Seoul shares down 1% late Fri. morning on Middle East woes

The dealing room of Hana Bank in central Seoul after the market opening, Thursday. Yonhap

South Korean stocks traded lower late Friday morning as investor sentiment was dragged down by escalating oil supply woes amid protracted Middle East conflicts.

After opening 1.66 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) had fallen 58.37 points, or 1.05 percent, to 5,525.53 as of 11:20 a.m.

Overnight on Wall Street, U.S. stocks fell as the extending Middle East conflict pushed up oil prices and stirred up worries about inflation.

The Dow Jones Industrial Average fell 1.61 percent, and the Nasdaq Composite closed down 0.26 percent.

In Seoul, market heavyweights led the decline.

Top-cap Samsung Electronics dipped 2.97 percent, and chip giant SK hynix retreated 2.44 percent.

Leading pharmaceutical firm Samsung Biologics dropped 0.79 percent, and SK Innovation, the No. 1 oil refinery, declined 1.11 percent.

Hana Tour Service, a major travel agency, skidded 2.95 percent, and flag air carrier Korean Air slid 2.86 percent.

The Korean won was trading at 1,473.55 won against the U.S. dollar as of 11:20 a.m., down 5.45 won from the previous session.