Search
Close this search box.
Seoul Shares Open Nearly Flat Amid Middle East Uncertainties

Seoul: South Korean stocks opened almost flat Wednesday on heightened uncertainties in the Middle East amid escalating tensions between Israel and Iran. The benchmark Korea Composite Stock Price Index (KOSPI) added 0.89 point, or 0.03 percent, to 2,951.19 in the first 15 minutes of trading.

According to Yonhap News Agency, overnight, Wall Street lost ground on news that U.S. President Donald Trump called for Iran's "unconditional surrender" and warned people in Tehran to evacuate immediately. Iran has been engaging in a military conflict with Israel after the latter conducted preemptive airstrikes on Iranian nuclear facilities earlier this week.

In Seoul, tech behemoth Samsung Electronics gained 0.6 percent, and its chipmaking rival SK hynix rose 0.3 percent. Top internet portal operator Naver jumped 6.3 percent, while Kakao, the operator of the country's dominant mobile messenger, advanced 2.9 percent. Major shipbuilder Hanwha Ocean climbed 2.07 percent.

However, leading automaker Hyundai Motor lost 1.46 percent, and its sister company Kia went down 1.2 percent. Bio giant Samsung Biologics also declined 1.09 percent. The local currency was trading at 1,375.6 won against the greenback at 9:15 a.m., sharply down by 12.9 won from the previous session.

ADVERTISEMENT