Korean Stock Market Plunges Amid Oil Price Surge and Rate Hike Concerns

The Korean stock market experienced a sharp decline due to concerns over rising oil prices and potential interest rate hikes. The KOSPI index dropped 4.02% with Samsung Electronics closing at 250,500 won, while SK Hynix fell by 4.73% to 1.613 million won.

Foreigners and institutions sold a net of KRW 1.9094 trillion and KRW 2.434 trillion respectively, while individuals countered with net purchases worth KRW 2.3023 trillion, but it was not enough to prevent the index from falling.

The number of declining stocks reached 735, more than five times the number of rising stocks (139), leading to a sharp drop in the KOSPI.

West Texas Intermediate crude oil exceeded $90 per barrel and Brent crude jumped above $95 per barrel, causing concerns over inflation. The U.S. 10-year Treasury yield soared to 4.812 percent during the day.