Yonhap News3 hours agoBusiness1 min readSouth Korea
Seoul Stocks Plummet Nearly 6% Amid Escalating Middle East Tensions
Quick Look
- Seoul stocks experienced a sharp decline of nearly 6% on Friday, ending a three-day winning streak, as escalating tensions in the Middle East dampened investor risk appetite.
- The KOSPI fell 406.27 points, triggering a five-minute suspension of program trading.
AI-generated summary
Why It Matters
Seoul stocks had been on a three-day winning streak before Friday's sharp decline.
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SEOUL, July 24 (Yonhap) -- Seoul stocks snapped their three-day winning streak to plummet nearly 6 percent on Friday, as escalating tensions in the Middle East sapped risk appetite.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 406.27 points, or 5.72 percent, to 6,690.62 after falling as low as 6,650.41.
The sharp decline triggered the country's bourse operator to suspend program trading for five minutes in early trading.
"Risk appetite retreated amid escalating tensions in the Middle East. The brakes have failed and the local stock market is continuing volatile trading," said Lee Kyoung-min, an analyst from Daishin Securities.
Open Questions
- What specific events in the Middle East caused the tension?
- What is the bourse operator's next step after the suspension?
- How long will the market volatility last?
Related Topics
This article was originally published by Yonhap News.
