Seoul: South Korean stocks opened sharply lower Thursday, tracking overnight losses on Wall Street caused by uncertainty over negotiations between the United States and Iran to end their war in the Middle East. The benchmark Korea Composite Stock Price Index (KOSPI) lost 177.67 points, or 2.02 percent, to 8,623.82 at the opening bell.
According to Yonhap News Agency, the KOSPI had previously closed at an all-time high of 8,801.49 on Tuesday, with the local stock market closed on Wednesday for the election. The recent downturn comes as overnight U.S. stocks ended lower amid concerns that an escalation of hostilities between the U.S. and Iran could undermine prospects for a peace agreement.
The Dow Jones Industrial Average fell 1.21 percent, the S and P 500 sank 0.74 percent, while the tech-heavy Nasdaq Composite Index shed 0.89 percent. These declines on Wall Street have significantly influenced the opening of South Korea's stock market, reflecting global economic uncertainties tied to geopolitical tensions.