Seoul stocks open lower amid resumed military attacks in Mideast
Summary
Korean stocks opened lower Tuesday as resumed U.S.-Iran military clashes hit Wall Street and weighed on Seoul trading. The benchmark KOSPI was down 84.81 points, or 1.24 percent, at 6,735.21 at 9:15 a.m. Samsung Electronics, SK hynix, Hyundai Motor and Hanwha Aerospace all fell, while HD Hyundai Heavy Industries and Celltrion rose. The won was quoted at 1,368.15 against the dollar, up 1.15 won from the previous close.
Key Facts
- The KOSPI opened 0.52 percent lower and later traded 84.81 points, or 1.24 percent, down at 6,735.21 at 9:15 a.m.
- 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 overnight.
- Samsung Electronics fell 2.31 percent and SK hynix lost 1.19 percent in Seoul trading.
- Hyundai Motor retreated 1.12 percent and Hanwha Aerospace dropped 2.45 percent, while HD Hyundai Heavy Industries rose 0.33 percent and Celltrion gained 0.74 percent.
- The won was quoted at 1,368.15 against the U.S. dollar, up 1.15 won from the previous stock trading session.
Officials work at a dealing room at Hana Bank headquarters in Seoul, Tuesday. Yonhap
Korean stocks opened lower Tuesday, dragged down by losses on Wall Street due to a resumption of military clashes between the United States and Iran.
After opening 0.52 percent down, the benchmark Korea Composite Stock Price Index (KOSPI) extended losses, trading 84.81 points, or 1.24 percent, lower at 6,735.21 as of 9:15 a.m.
Overnight, major U.S. stocks closed lower as renewed U.S.-Iran airstrike exchanges and Federal Reserve Chair Kevin Warsh's hawkish speech fueled worries about inflation.
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, market heavyweights led the decline.
Market bellwether Samsung Electronics sank 2.31 percent, and its chipmaking rival SK hynix fell 1.19 percent.
Top carmaker Hyundai Motor retreated 1.12 percent, and defense giant Hanwha Aerospace lost 2.45 percent.
However, major shipbuilder HD Hyundai Heavy Industries rose 0.33 percent and leading pharmaceutical firm Celltrion gained 0.74 percent.
The Korean won was quoted at 1,368.15 won against the U.S. dollar as of 9:15 a.m., up 1.15 won from the close of the previous stock trading session.
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