Middle East Crisis
Seoul shares end flat amid prolonged Iran crisis
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South Korean stocks pared early losses to close nearly unchanged on Friday amid the ongoing Middle East crisis stemming from the Iran conflict. The KOSPI index ended at 5,584.87, up 0.02 percent, while the won weakened against the U.S. dollar. Autos and defense shares led the gains.
President Ferdinand Marcos Jr. announced that starting March 9, some executive offices will implement a four-day workweek due to rising oil prices from the Middle East crisis. Measures include reducing energy and petroleum use, while coordination continues for aid to Filipinos. Business groups are open to similar arrangements but express concerns for certain sectors.
Reported by AI
The Korean won fell to a nearly two-month low against the U.S. dollar on Friday amid persistent volatility in financial markets due to the Middle East crisis. At 3:30 p.m., the won was quoted at 1,476.4 per dollar, down 8.3 won from the previous session and marking its weakest level since January 20. The Bank of Korea stated it is closely monitoring developments and preparing responses as volatility could continue depending on the situation.