Seoul: South Korean stocks opened sharply lower Thursday, driven by losses in some big technology companies on Wall Street amid signs of progress on the Strait of Hormuz. The benchmark Korea Composite Stock Price Index (KOSPI) opened 119.51 points, or 1.81 percent, lower at 6,478.75.
According to Yonhap News Agency, overnight U.S. stocks finished mixed. While the Dow Jones Industrial Average rose 0.49 percent, the tech-heavy Nasdaq Composite lost 0.83 percent, weighed down by big technology companies losing ground, including Alphabet, Google's parent company, and Advanced Micro Devices.
News outlets reported that Iran and Oman have agreed on a route for ships transiting the Strait of Hormuz, with Tehran exercising control of the crucial waterway.