Seoul: 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) opened down 217.3 points, or 3.14 percent, to 6,692.61.
According to Yonhap News Agency, U.S. stocks had closed higher on Friday on reports that Gulf diplomats and Iranian officials were set to hold a meeting on Monday to discuss plans for reopening the Strait of Hormuz. Notably, the meeting was to occur without U.S. participation. The S and P 500 had added 0.86 percent, and the tech-heavy Nasdaq inched up 0.96 percent.
However, the Omani foreign minister announced that the meeting was indefinitely suspended, dampening hopes for the reopening of the crucial shipping route. This development contributed to the sharp decline in Seoul's stock market as investors responded to rising oil prices and uncertainty in the Middle East.