Kospi index in South Korea falls amid surge in oil prices — Korea Herald
In Seoul, South Korea, on Thursday, the Korea Composite Stock Price Index (Kospi) opened lower amid declines in U.S. stock indexes, rising tensions in the Middle East and increasing oil prices. As Korea Herald reports, higher oil prices heightened inflation concerns ahead of the release of key U.S. inflation data.
Index performance
After opening down 0.18%, Kospi continued to decline. As of 9:15 a.m., the index had lost 20.11 points, or 0.29%, to stand at 7,031.53 points.
On the previous day, U.S. stock markets ended trading in negative territory. The Dow Jones Industrial Average fell by 0.77%, while the technology-focused Nasdaq Composite declined by 0.64%. Rising oil prices raised concerns about inflation and a possible interest rate increase by the U.S. Federal Reserve to curb price growth.
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Shares of major companies
Shares of major companies on the Seoul market moved in different directions. Samsung Electronics shares fell by 0.74%, while those of battery maker Samsung SDI dropped by 1.05%.
State energy company Korea Electric Power Corp. lost 1.93%, and S-Oil shares fell by 1.02%. At the same time, SK hynix shares rose by 0.05%, while Hyundai Motor gained 0.52%.
As of 9:15 a.m., the South Korean won was trading at 1,338.90 won per U.S. dollar, 1.7 won higher than at the close of the previous trading session.
