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South Korean stocks quickly fell from grace following the U.S. and Israeli strikes on Iran. But Wall Street doesn’t see that as a harbinger for anything that’s to come in the U.S.
The benchmark Kospi Index
tumbled more than 12% Wednesday — its worst-ever single day of trading. Korean stocks have plungedmore than 18% so far this week, on track for their biggest weekly loss since 2008.
South Korea’s stock market was dark on Monday for a national holiday. But a sharp selloff came Tuesday when markets reopened Tuesday in the wake of the Mideast conflict. Korea imports nearly all its fossil fuels, including oil and natural gas, all of it brought in by tanker. About 70% of Korea’s oil imports and up to 30% of liquified natural gas comes from the Middle East, according to the U.S. Energy Information Agency.
