DistantNews
Support us
South Korea’s Kospi Falls Nearly 2% at Open After Washington-Tehran Attacks
🇵🇾 Paraguay /Conflict & Security

South Korea’s Kospi Falls Nearly 2% at Open After Washington-Tehran Attacks

From ABC Color · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire From a news agency Ongoing story
  • The Kospi fell 1.89% to 6,660.59 points 20 minutes after trading began, while the technology-heavy Kosdaq dropped 2.69% to 815.87.
  • The decline followed reported attacks involving Iran and the United States, as well as concerns that U.S. interest rates could rise in September.
  • Samsung Electronics fell about 3%, SK hynix lost nearly 2% and Hanmi Semiconductor dropped almost 4%; Hyundai Motor declined 1% while Kia was flat.

South Korean shares opened sharply lower after a new exchange of attacks involving Washington and Tehran, putting pressure on the country’s major technology companies.

Twenty minutes into Monday’s session, the Kospi had fallen 128.29 points, or 1.89%, to 6,660.59. The Kosdaq, which tracks technology and mid-cap companies, dropped 2.69%, or 22.54 points, to 815.87.

The sell-off followed Iran’s claim that it had attacked two U.S. bases in Jordan, hours after Washington carried out a bombing on Iran’s Larak Island. The market also faced inflation concerns in the United States after Federal Reserve Chairman Kevin Warsh said Friday that “more work remains” to bring inflation to the 2% target. That remark increased expectations of a September interest-rate increase.

Chipmakers led losses among major local stocks. Samsung Electronics fell about 3%, SK hynix lost nearly 2% and semiconductor equipment maker Hanmi Semiconductor sank almost 4%. Hyundai Motor shares declined 1%, while sister company Kia was unchanged.

More work remains

— Kevin WarshThe Federal Reserve chairman’s comment about returning U.S. inflation to the 2% target contributed to expectations of a September rate increase.
About this summary

Originally published by ABC Color in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

More Stories

From Our Blog