Seoul shares open lower for second session amid Wall Street losses and Strait of Hormuz uncertainty
South Korean stocks opened sharply lower for a second session this week, with the benchmark KOSPI falling 119.51 points, or 1.81 percent, to 6,478.75 on Thursday, according to Yonhap News. The decline followed overnight losses on Wall Street driven by weakness in big technology companies.
Earlier in the week, on Tuesday, the KOSPI had opened 59.6 points, or 0.95 percent, lower at 6,240.06, also tracking losses on U.S. markets.
Coverage comparison
Both reports, from Yonhap News, attributed the declines to overnight performance on Wall Street. However, the two reports differed on the specific factors cited for the U.S. losses and on the magnitude of the KOSPI drop.
The Thursday report highlighted losses in major technology companies, including Alphabet and Advanced Micro Devices, as weighing on the Nasdaq Composite. The Tuesday report pointed to rising oil prices due to uncertainty about when the Strait of Hormuz could reopen to shipping as a factor in the U.S. market's decline.
Key claims
- The KOSPI opened 119.51 points lower on Thursday, as reported by Yonhap News.
- The KOSPI opened 59.6 points lower on Tuesday, as reported by Yonhap News.
- On Thursday, the Dow Jones Industrial Average rose 0.49 percent, the Nasdaq Composite lost 0.83 percent, as reported by Yonhap News.
- On Monday (local time), the S&P 500 slipped 0.1 percent, the Dow Jones Industrial Average dipped 0.1 percent, and the Nasdaq Composite fell 0.3 percent, as reported by Yonhap News.
- News outlets reported that Iran and Oman have agreed on a route for ships transiting the Strait of Hormuz, with Tehran exercising control of the crucial waterway, as reported by Yonhap News in the Thursday report.