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Seoul shares opened lower on Tuesday, tracking overnight losses on Wall Street, as investors remained concerned about heightened uncertainty in the Middle East, according to Yonhap News Agency. The benchmark Korea Composite Stock Price Index (KOSPI) fell in early trading, with losses driven by geopolitical tensions and lingering worries over the artificial intelligence (AI) sector.

Coverage Comparison

Two reports from Yonhap News Agency provided updates on the market's opening. The first report noted that the KOSPI fell 37.87 points, or 0.56 percent, to 6,769.06 at the opening bell. A later update, published after trading had been underway for about 15 minutes, showed the index down 27.89 points, or 0.41 percent, to 6,779.04 as of 9:15 a.m. The slight recovery from the open reflects mixed early trading among large-cap stocks.

The reports attribute the decline to investor concern over the standoff between the United States and Iran, particularly around the Strait of Hormuz, as well as to uncertainty over AI sectors, which prompted investors to offload tech heavyweights.

Key Claims

  • Wall Street losses: The Dow Jones Industrial Average fell 0.26 percent to 52,498.64 overnight, while the tech-heavy Nasdaq Composite dropped 1.55 percent to 25,873.18, as reported by Yonhap.
  • Monday's plunge: On Monday, SK hynix and Samsung Electronics plunged 15.37 percent and 10.7 percent, respectively. Yonhap reported that the weakness extended to U.S. trading, with SK hynix's American depositary shares falling 9.3 percent overnight.
  • Early Tuesday trading: As of 9:15 a.m., the KOSPI was down 0.41 percent. Among large-cap stocks, SK hynix fell 0.27 percent, defense firm Hanwha Aerospace plunged 6.7 percent, and top carmaker Hyundai Motor shed 3.9 percent. LIG Defense and Aerospace declined 8.4 percent, and leading battery maker LG Energy Solution dropped 2.1 percent. On the upside, market bellwether Samsung Electronics rose 0.2 percent, and shipping firm HMM climbed 3.07 percent.
  • Currency: The Korean won was trading at 1,497.30 won against the U.S. dollar, up 0.2 won from the previous session, as of 9:15 a.m., according to Yonhap.
Both reports note that the index had nose-dived 9 percent in the previous session amid renewed woes over the U.S.-Iran standoff, setting a somber tone for Tuesday's trading.