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Seoul Shares Decline for Second Day Amid Middle East Tensions

Seoul Shares Middle East Tensions Iran Strait of Hormuz Threat

L'essentiel

KOSPI falls 0.6% to 6,258.77 amid foreign selling due to Middle East tensions, particularly over Iran's threat to block the Strait of Hormuz, impacting oil prices and market volatility.

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Ongoing geopolitical tensions in the Middle East, particularly between the US, Iran, and Israel, have impacted global markets.

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SEOUL, Aug. 7 (Yonhap) -- Seoul shares ended lower for a second straight session Friday, weighed down by foreign selling as renewed tensions in the Middle East dampened investor sentiment. The Korean won rose against the U.S. dollar.

After opening 1.09 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) fell 37.61 points, or 0.6 percent, to close at 6,258.77, after dropping as low as 6,158.73. The index plunged 4.58 percent in the previous session, dragged down mainly by losses in technology stocks. Overnight, U.S. stocks ended lower. The Dow Jones Industrial Average fell 0.85 percent, while the tech-heavy Nasdaq Composite slipped 0.06 percent amid uncertainty over a possible agreement between the United States and Iran to reopen the Strait of Hormuz.

Iran has reportedly threatened to deny U.S. and Israeli vessels access to the strategic waterway and require compensation from countries it considers hostile before allowing them passage. Foreign investors sold a net 858.07 billion won (US$605 million) worth of stocks, while institutions and retail investors purchased a net 578.99 billion won and 266.98 billion won, respectively.

Uncertainty surrounding the strategic waterway is expected to keep oil prices elevated, adding to volatility in a market already unsettled by concerns over the artificial intelligence (AI) trade, analysts said.