South Korean stock index falls at opening amid Middle East uncertainty
In Seoul, South Korea, the stock market fell sharply at the opening of trading on Monday amid geopolitical uncertainty in the Middle East and rising oil prices. The benchmark Korea Composite Stock Price Index lost 217.3 points, or 3.14%, at the start of the session, falling to 6,692.61 points.
Decline despite gains in the US
As The Korea Herald reports, the decline in Seoul occurred despite gains on US exchanges on Friday. The S&P 500 index added 0.86%, while the technology-heavy Nasdaq rose by 0.96%.
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US stocks rose amid reports that diplomats from Gulf countries and Iranian officials could hold a meeting on Monday. They could discuss plans to open the Strait of Hormuz to shipping without US involvement.
Meeting suspended
At the same time, Oman’s foreign minister said that the meeting had been suspended indefinitely. This weakened hopes for the opening of the important sea route.
