The Korea Herald

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지나쌤

Seoul shares open sharply lower as Israel warns of retaliation

By Yonhap

Published : April 16, 2024 - 09:35

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

South Korean stocks started sharply lower Tuesday tracking overnight losses on Wall Street amid the escalating tension between Israel and Iran.

The benchmark Korea Composite Stock Price Index dropped 36.34 points, or 1.36 percent, to 2,634.09 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average fell 0.65 percent and the tech-heavy Nasdaq declined 1.79 percent.

Tensions continued to escalate in the Middle East after Israel warned of retaliation after Iran conducted a drone and missile attack over the weekend.

In Seoul, tech giant Samsung Electronics plunged 1.95 percent and No. 2 chipmaker SK hynix lost 2.76 percent.

Leading carmaker Hyundai Motor slid 1.24 percent, and Kia remained unchanged from the previous session. Auto parts maker Hyundai Mobis lost 2.06 percent.

Air carriers opened bearish as well amid the geopolitical tension, with Korean Air Lines falling 1.23 percent and Asiana Airlines decreasing 0.86 percent. Jeju Air lost 0.46 percent.

The local currency was trading at 1,390.9 won against the dollar, down 6.9 won from the previous session's close. (Yonhap)