Seoul stocks opened sharply lower Monday as Middle East uncertainty pushed up oil prices. The KOSPI fell 215.35 points, or 3.12 percent, to 6,694.56 as of 9:16 a.m. Most market heavyweights dropped, including Samsung Electronics, SK hynix, LG Energy Solution and Hyundai Motor, while Hanwha Aerospace rose. The won traded at 1,346.8 against the U.S. dollar, down 2.7 won from the previous stock trading session.
Officials work at a dealing room of Hana Bank in Seoul, Monday. Yonhap
Seoul stocks opened sharply lower Monday, bucking advances on Wall Street, as geopolitical uncertainties in the Middle East pushed up oil prices.
The benchmark Korea Composite Stock Price Index (KOSPI) was down 215.35 points, or 3.12 percent, to 6,694.56 as of 9:16 a.m.
On Friday (U.S. time), U.S. stocks closed higher on reports Gulf diplomats and Iran officials could hold a meeting Monday to discuss plans to reopen the Strait of Hormuz, without the U.S. participating.
