The South Korean won weakened sharply to 1,529.7 won per dollar on June 4, its lowest intraday level since March 31, amid renewed U.S.-Iran airstrikes. The KOSPI closed down 1.84 percent at 8,639.41.
The KOSPI fell 162.08 points to 8,639.41, ending a three-day winning streak that had taken it above 8,800 on Tuesday. The market was closed Wednesday for local elections. Foreign investors sold a net 6.95 trillion won worth of stocks, extending their selling streak to 19 sessions. Finance Minister Koo Yun-cheol said authorities would act to curb excessive volatility. The KOSPI came under pressure from profit-taking as concerns grew that the recent rally had become overheated, said Lee Kyung-min of Daeshin Securities. Global oil prices rose on the risk of further U.S.-Iran clashes.
