Seoul shares sharply down late Monday morning amid Middle East tensions
Seoul shares extended losses late Monday morning, led by falls in chipmakers, bucking gains on Wall Street, as renewed tensions in the Middle East weighed on investor sentiment. After opening 0.85 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) extended los
Seoul shares extended losses late Monday morning, led by falls in chipmakers, bucking gains on Wall Street, as renewed tensions in the Middle East weighed on investor sentiment. After opening 0.85 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) extended losses, falling 392.
53 points, or 5.25 percent, to 7,083.41 as of 11:20 a.
m. The decline came as the United States and Iran exchanged fresh strikes over the status of the Strait of Hormuz. On Sunday (U.
S. time), the U.S.
military launched strikes against Iran following Iran's drone attacks on U.S. allies in the Middle East.
On Friday, U.S. stocks advanced, buoyed by Korean chipmaker SK hynix's multibillion-dollar U.
S. share offering. The Dow Jones Industrial Average gained 0.
29 percent, while the tech-heavy Nasdaq composite also climbed 0.29 percent. SK hynix's American depositary receipts (ADRs) on the Nasdaq closed at US$168 each, well above the offering price of $149.
Institutions and foreigners sold a net 501.77 billion won ($333 million) and 906.28 billion won worth of stocks, respectively.
Individuals bought a n
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