South Korea’s stock index plunges after Wall Street losses
In Seoul, South Korea, the benchmark Korea Composite Stock Price Index fell sharply at the start of trading, following losses on the U.S. market. As of 09:15, the index had lost 183.12 points, or 2.6%, to stand at 6,850.80 points, The Korea Herald reports.
Decline after the market opened
At the opening, the KOSPI was down 3.29%, but later partially pared its losses. Technology companies led the decline: Samsung Electronics shares fell 3.5%, while those of chipmaker SK hynix dropped 4.48%.
Shares of automaker Hyundai Motor lost 2.57%, while securities of battery maker LG Energy Solution fell 0.68%. At the same time, shares of state-owned Korea Electric Power Corp. rose 0.15%, and Korea Gas gained 0.55%.
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Impact of U.S. data
On the previous day, U.S. stock indexes declined amid rising oil prices and escalating tensions in the Middle East. The Dow Jones index lost 0.6%, while the technology-heavy Nasdaq Composite fell 0.65%.
In August, the U.S. producer price index rose by 0.4% from the previous month. Investors were awaiting the release of the consumer price report, which could signal the future path of U.S. Federal Reserve interest rates. At 09:15, the South Korean won was trading at 1,347.55 won per U.S. dollar, 2.35 won higher than the previous trading session’s closing level.
