US EditionSeoul Shares Plummet over 7 Pct on Middle East Conflict Fears; Won Sharply Down
The KOSPI index fell 7.24 percent amid escalating Middle East tensions, with foreign and institutional investors selling a net 6 trillion won, pushing the market to its lowest close since Feb. 20.
- On Tuesday, the KOSPI plunged 452.22 points to close at 5,791.91, marking the largest-ever single-day loss and its lowest close since Feb. 20.
- After the long weekend holiday, markets reopened amid investor pessimism as U.S. and Israeli air strikes on Iran over the weekend heightened Middle East tensions and oil prices neared $80.79 per barrel.
- Heavy trade of 1.2 billion shares worth 52.5 trillion won accompanied a five-minute sell-side sidecar triggered by the Korea Exchange, with losers outnumbering winners 840 to 73.
- The Bank of Korea convened a special task force Tuesday to assess market fallout, while the Financial Supervisory Service activated an emergency team and hotline and bond prices closed sharply lower.
- The Korean won slid to 1,466.1 per dollar amid the sell-off, while sector divergence appeared as S-Oil and Hanwha Aerospace surged and Samsung Electronics and Hyundai Motor plunged.
12 Articles
12 Articles
On the fifth day of the war in the Middle East, the Asian Stock Exchanges dropped. The Seoul Stock Exchange broke by 12%, after a fall of 7.2% the day before, that is a real crash, after the bubble of the last few months. Explanations.
The Seoul Stock Exchange lost more than 7% to the closure of Asian markets. Oil strengthens its gains on Tuesday following a surge in oil prices.
Seoul stocks plunge over 7% due to Iran war, oil surge
The benchmark KOSPI lost more than 7 percent, Tuesday — the biggest fall in more than 18 months — amid heightened Middle East tensions following U.S.-Israeli strikes on Iran over the weekend. The Korean currency also fell more than 26 won against the U.S. dollar in onshore trading, marking its steepest decline this year and fueling ongoing concerns that it could reach the worrisome 1,500-won level. Seoul financial markets jittered as they reopen…
Oil strengthens its gains this Tuesday, March 3rd following an upsurge in energy prices, while the Seoul Stock Exchange has unscrewed by 7%...
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