South Korean stocks opened sharply lower on Monday amid rising concerns over a broader Middle East conflict after Iran-backed Houthi militants in Yemen fired missiles at Israel. The benchmark KOSPI fell 240.94 points, or 4.43 percent, to 5,197.93 in the first 15 minutes of trading. Global oil prices climbed while U.S. troop deployments heightened fears.
The benchmark Korea Composite Stock Price Index (KOSPI) opened 4.73 percent lower in Seoul on Monday but fell 240.94 points, or 4.43 percent, to 5,197.93 within the first 15 minutes of trading. The plunge reflects deepened risk-off sentiment as the Middle East conflict, sparked by U.S.-Israeli strikes on Iran in late February, escalated with Yemen's Iran-backed Houthi militants joining the fray.
The Houthis fired missiles at Israel over the weekend, warning they would continue operations until attacks on Iran stop—their first military action since the war began a month ago. Global oil prices rose amid fears of supply disruptions. U.S. President Donald Trump stated negotiations with Iran to end the war are underway, though Washington has ordered thousands of troops to the region, fueling concerns over potential ground operations.
Most big-cap shares declined. Samsung Electronics slid 3.9 percent, SK hynix sank 5.42 percent, Hyundai Motor dropped 5.66 percent, Kia tumbled 5.52 percent, LG Energy Solution lost 1.2 percent, SK Square dipped 6.07 percent, Samsung Biologics fell 4.3 percent, and Celltrion decreased 3.25 percent. Defense firm Hanwha Aerospace declined 4.87 percent, Doosan Enerbility 5.76 percent, HD Hyundai Heavy 6.72 percent, and Hanwha Ocean 5.6 percent.
The local currency traded at 1,513.85 won against the U.S. dollar at 9:15 a.m., down 4.95 won from the previous session. As reported by Yonhap News Agency and The Korea Times.
