KOSPI Falls as Oil Prices Surge and Inflation Fears Grow
Seoul's stock market closed lower on September 10 due to rising oil prices and inflation concerns, which have been exacerbated by escalating tensions in the Middle East. The Korea Composite Stock Price Index (KOSPI) fell by 17.72 points or 0.25 percent to close at 7,033.92.
The Korean won rose against the US dollar, with a rate of 1,339.2 won per USD as of 3:30 pm. Trade volume was moderate at 418.4 million shares worth 28.19 trillion won (US$21 billion), with losers outnumbering gainers 443 to 416.
Foreign investors sold a net 2.49 trillion won worth of stocks, while institutions and individuals bought a net 461.46 billion won and 362.18 billion won, respectively. Tech stocks led the decline in Seoul, including Samsung Electronics, SK hynix, LG Energy Solution, and SK Innovation.
Investors are now awaiting Friday's US consumer price index (CPI) data for clues about the Federal Reserve's future rate path. The Dow Jones Industrial Average fell 0.77 percent overnight amid rising oil prices and escalating tensions in the Middle East.