Seoul shares sharply down late Wed. morning on heightened Mideast tensions
Summary
Korean stocks traded sharply lower late Wednesday morning as escalating military tensions in the Middle East weighed on sentiment. The KOSPI was down 195.54 points, or 2.86 percent, to 6,640.26 as of 11:20 a.m. Most large-cap shares fell, including Samsung Electronics, SK hynix, Hanwha Aerospace, HD Hyundai Heavy Industries, Hyundai Mobis and CJ Cheiljedang. The Korean won was quoted at 1,370.4 won against the U.S. dollar, up 3 won from the previous session close.
Key Facts
- The KOSPI was trading at 6,640.26 as of 11:20 a.m., down 195.54 points, or 2.86 percent.
- Overnight U.S. stocks closed lower, with the Dow Jones Industrial Average down 0.79 percent, the S and P 500 down 0.71 percent, and the Nasdaq composite down 1.03 percent.
- Samsung Electronics fell 2.97 percent, SK hynix fell 3.13 percent, and Hanwha Aerospace declined 3.02 percent.
- HD Hyundai Heavy Industries dropped 5.08 percent, Hyundai Mobis sank 6.2 percent, and CJ Cheiljedang slid 1.99 percent.
- The Korean won was quoted at 1,370.4 won against the U.S. dollar, up 3 won from the previous stock trading session close.
The benchmark KOSPI and Kosdaq indices are displayed at a dealing room of Hana Bank in Seoul, Wednesday. Yonhap
Korean stocks traded sharply lower late Wednesday morning, weighed down by escalating military tensions in the Middle East.
The benchmark Korea Composite Stock Price Index (KOSPI) was trading down 195.54 points, or 2.86 percent, to 6,640.26 as of 11:20 a.m.
Overnight, U.S. stocks closed lower as inflation fears amplified due to higher oil prices after the United States and Iran exchanged strikes.
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 went bearish across the board.
Top-cap Samsung Electronics declined 2.97 percent, and SK hynix, the second-largest share in terms of market capitalization, tumbled 3.13 percent.
Defense giant Hanwha Aerospace fell 3.02 percent, and leading shipbuilder HD Hyundai Heavy Industries slumped 5.08 percent.
Hyundai Mobis, an auto parts affiliate under Hyundai Motor Group, sank 6.2 percent, and food giant CJ Cheiljedang slid 1.99 percent.
The Korean won was quoted at 1,370.4 won against the U.S. dollar as of 11:20 a.m., up 3 won from the close of the previous stock trading session.
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