Seoul:Shares in Seoul opened lower on Monday, impacted by losses in technology stocks due to inflation concerns driven by rising oil prices and a worsening crisis in the Middle East.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) opened 0.72 percent lower and fell 83.72 points, or 1.26 percent, to 6,542.21 by 915 a.m. This decline occurred despite gains on Wall Street, where the Dow Jones Industrial Average rose by 0.83 percent and the Nasdaq Composite increased by 0.64 percent.
Oil prices surged as tensions in the Middle East intensified following renewed Houthi attacks on Saudi Arabia's main airport over the weekend. A larger conflict in the region could further disrupt energy supplies, potentially increasing inflation and pressuring the Federal Reserve to raise interest rates.
In the Seoul market, tech stocks were notably affected. Samsung Electronics saw a decrease of 0.95 percent, while SK hynix dropped 2.71 percent. Hanwha Aerospace, a defense company, fell 2.13 percent, and HD Hyundai Heavy Industries, a leading shipbuilder, plunged 4.04 percent. Among the gainers, Hyundai Motor climbed 1.46 percent, whereas HMM, a shipping firm, declined 3.49 percent.
The Korean won was trading at 1,338.65 against the U.S. dollar, an increase of 3.35 won from the previous session's close.