South Korean shares fall over 3% on fears over widening Iran war
- The benchmark KOSPI was down 182.39 points, or 3.35%, at 5,256.48
SEOUL: Round-up of South Korean financial markets:
South Korean shares fell more than 3% on Monday, weighed down by fears over a widening Middle East war.
The won weakened, while the benchmark bond yield rose. The benchmark KOSPI was down 182.39 points, or 3.35%, at 5,256.48, as of 0252 GMT.
“The US-Iran war is making it even more difficult for market participants to respond, with different stances seen from the two parties,” said Han Ji-young, an analyst at Kiwoom Securities.
Yemen’s Iran-aligned Houthis on Saturday launched their first attacks on Israel since the start of the conflict, widening the US-Israel war with Iran in the Middle East.
Pakistan said on Sunday it was preparing to host “meaningful talks” to end the conflict over Iran in coming days even though Tehran earlier accused Washington of preparing a land assault while seeking negotiations.
Among index heavyweights, chipmaker Samsung Electronics fell 3.17%, while peer SK Hynix lost 5.42%. Battery maker LG Energy Solution climbed 4.44%.
Hyundai Motor and sister automaker Kia Corp were down 5.35% and 3.53%, respectively.
Steelmaker POSCO Holdings shed 0.15%, while drugmaker Samsung BioLogics fell 4.30%.
Of the total 921 traded issues, 126 shares advanced, while 780 declined. Foreigners were net sellers of shares worth 1.5 trillion won ($992.14 million).
The won was quoted at 1,512.6 per dollar on the onshore settlement platform, 0.08% lower than its previous close at 1,511.4.
In money and debt markets, June futures on three-year treasury bonds gained 0.04 point to 103.41.
The most liquid three-year Korean treasury bond yield rose by 0.1 basis point to 3.588%, while the benchmark 10-year yield rose by 2.8 basis points to 3.944%.‑Reuters