Seoul shares down Tuesday morning on renewed military tensions in Mideast
Summary
Korean stocks traded lower in Seoul late Tuesday morning as renewed military tensions in the Middle East hurt investor sentiment. The benchmark KOSPI fell 10.98 points, or 0.16 percent, to 6,809.04 as of 11:20 a.m. The Korean won stood at 1,369.85 per U.S. dollar, down 0.55 won from the previous session. Major shares were mixed, with Samsung Electronics and Hyundai Motor down and SK hynix, LG Energy Solution and POSCO Holdings higher.
Key Facts
- The KOSPI was down 10.98 points, or 0.16 percent, at 6,809.04 as of 11:20 a.m.
- The Korean won was quoted at 1,369.85 won against the U.S. dollar at 11:20 a.m.
- In U.S. trading overnight, the Dow Jones Industrial Average fell 0.7 percent, the S&P 500 lost 0.33 percent, and the Nasdaq composite declined 0.12 percent.
- Samsung Electronics fell 0.1 percent, SK hynix rose 1.19 percent, Hyundai Motor declined 1.36 percent, and LIG D&A dropped 2.31 percent.
- LG Energy Solution added 0.26 percent and POSCO Holdings rose 2.07 percent.
Officials work at a dealing room at Hana Bank headquarters in Seoul, Tuesday. Yonhap
Korean stocks traded lower late Tuesday morning as investor sentiment was dampened due to renewed military tensions in the Middle East.
The benchmark Korea Composite Stock Price Index (KOSPI) was trading down 10.98 points, or 0.16 percent, to 6,809.04 as of 11:20 a.m.
Overnight, major U.S. stocks closed lower weighed down by a resumption of military clashes between the United States and Iran, while investors bet on a rate hike at the Federal Reserve's rate-setting meeting later this month after Fed Chair Kevin Warsh's hawkish speech at the Jackson Hole Symposium.
The Dow Jones Industrial Average fell 0.7 percent and the S&P 500 lost 0.33 percent, while the Nasdaq composite declined 0.12 percent.
In Seoul, major shares traded in mixed territory.
Top-cap Samsung Electronics fell 0.1 percent, while SK hynix rose 1.19 percent.
Auto giant Hyundai Motor declined 1.36 percent, and major defense firm LIG D&A dropped 2.31 percent.
However, leading battery maker LG Energy Solution added 0.26 percent, and steel giant POSCO Holdings rose 2.07 percent.
The Korean won was quoted at 1,369.85 won against the U.S. dollar as of 11:20 a.m., down 0.55 won from the previous stock trading session.
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