Seoul shares down sharply late Monday morning amid Middle East woes

Korean stocks traded markedly lower late Monday morning, led by a decline in large-cap tech shares, as an intensifying conflict surrounding Iran deepened concerns about global oil supplies and market uncertainties. The benchmark Korea Composite Stock Price Index (KOSPI) fell 216.2 points, or 3.98 percent, to 5,222.67 as of 11:20 a.m. The index opened nearly 5 percent lower and had been under downward pressure due to heavy foreign selling. The war in the Middle East, which began in late February following U.S.-Israeli strikes on Iran, has shown signs of further escalation, as the Houthis fired missiles at Israel over the weekend and warned of continued military operations until attacks on Iran stop. The move pushed up global oil prices as fears of further disruptions to supply intensified. U.S. President Donald Trump said negotiations with Iran to end the war are under way, but Washington has ordered thousands of troops to the region, stoking fears of ground operations. Most big-cap shares drifted lower. Market bellwether Samsung Electronics slid 3.9 percent, while chip giant SK hynix sank 5

Go to News Site