The screen displays the Korean won-U.S. dollar exchange rate and the KOSPI index at a dealing room at Hana Bank's headquarters in central Seoul, Monday. Yonhap
Korean stocks opened nearly 6 percent lower Monday over the escalating geopolitics in the Middle East and rising international oil prices, prompting the main bourse operator to issue a sell-side sidecar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 334.55 points, or 5.99 percent, to 5,250.32 as of 9:15 a.m.
Program trading of the benchmark Korea Composite Stock Price Index (KOSPI) was suspended for five minutes at 9:06 a.m., according to the Korea Exchange (KRX). A sidecar is triggered when the KOSPI 200 Futures index moves 5 percent or more for at least one minute.
Investors expressed concerns over instability in global energy prices, with the U.S. benchmark West Texas Intermediate (WTI) crude surpassing $100 per barrel for the first time since July 2022 on Sunday (U.S. time).
The Korean stock market suffered extreme volatility last week, dipping more than 10 percent.
On Wednesday, the main index crashed 12.06 percent, marking the steepest one-day decline since Sept. 12, 2001, in the aftermath of the Sept. 11 terrorist attacks in the United States.
In Seoul, top tech giant Samsung Electronics plunged 7.97 percent, and SK hynix slid 8.12 percent.
Leading carmaker Hyundai Motor moved down 9.4 percent, and Kia decreased 8.62 percent.
Battery makers opened bearish as well, with LG Energy Solution falling 4.24 percent and Samsung SDI losing 5.72 percent.
Source: Korea Times News
