Seoul: South Korean stocks traded lower late Monday morning as investors paid close attention to possible U.S. intervention in the political unrest in Iran. The Korean won gained sharply against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 24.04 points, or 0.48 percent, to 4,966.03 as of 11:20 a.m.
According to Yonhap News Agency, after opening higher, Seoul shares turned to losses as investors remained concerned over geopolitical issues between the United States and Iran. The bourse operator, meanwhile, issued a sidecar order at South Korea's tech-heavy KOSDAQ at 9:59 a.m., suspending program buying for five minutes due to the sharp gains in the secondary market. The KOSDAQ index shot up by more than 5 percent.
Top tech giant Samsung Electronics moved up 0.33 percent, while SK hynix shed 1.96 percent. In the financial sector, KB Financial gained 1.03 percent, while Shinhan Financial lost 0.72 percent. The local currency was quoted at 1,441.5 won against the U.S. dollar, up 24.3 won from the previous session's close.