Seoul: South Korean stocks experienced a downturn late Friday morning as investor sentiment was negatively impacted by ongoing oil supply concerns amid prolonged Middle East conflicts. After starting the day 1.66 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) had decreased by 58.37 points, or 1.05 percent, reaching 5,525.53 by 11:20 a.m.
According to Yonhap News Agency, the situation was mirrored on Wall Street, where U.S. stocks fell as the extended Middle East conflict led to rising oil prices and inflation concerns. The Dow Jones Industrial Average dropped 1.61 percent, while the Nasdaq Composite closed down 0.26 percent.
In Seoul, key market players were at the forefront of the decline. Samsung Electronics, a top-cap stock, saw a decrease of 2.97 percent, while chip manufacturer SK hynix fell by 2.44 percent. Samsung Biologics, a leading pharmaceutical company, experienced a 0.79 percent drop, and SK Innovation, South Korea's largest oil refinery, declined by 1.11 percent.
Additionally, Hana Tour Service, a significant travel agency, saw its shares skid by 2.95 percent, and Korean Air, the country's flagship air carrier, experienced a 2.86 percent decline. The Korean won was trading at 1,473.55 won against the U.S. dollar as of 11:20 a.m., marking a decrease of 5.45 won from the previous session.