South Korean stocks opened lower Tuesday amid growing concerns over inflation and an overnight slump in U.S. tech shares.
The benchmark Korea Composite Stock Price Index shed 90.38 points, or 1.2 percent, to 7,425.66 at the opening bell. By 9:15 a.m., it had extended losses to fall 161.86 points, or 2.15 percent, to 7,354.18.
Most market heavyweights traded lower, led by technology shares. Top-cap Samsung Electronics started 3.38 percent lower, and chipmaking rival SK hynix lost 2.12 percent. SK Square shed 4.76 percent, while leading battery maker LG Energy Solution declined 1.23 percent.
Automobile shares also fell. Top automaker Hyundai Motor shed 6.33 percent, and its smaller affiliate Kia declined 4.18 percent. In contrast, defense giant Hanwha Aerospace jumped 6.68 percent.
Overnight, U.S. stocks closed mixed after President Donald Trump said he had postponed a planned attack on Iran at the request of Gulf leaders. A surge in crude oil prices heightened market anxiety and fueled concerns over long-term inflation.
