Seoul Stocks Plunge on Oil Price Surge and Inflation Fears

Seoul's stock market took a hit on Friday due to rising oil prices and inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.76% to close at 6,909.91 points after opening lower by 3.29%. This decline was largely in line with the global trend, as U.S. stocks also experienced a sell-off overnight amid escalating tensions in the Middle East.

Surging oil prices have sparked inflation worries, and investors are eagerly awaiting key U.S. data to gauge whether higher energy costs are adding to these pressures. The Dow Jones Industrial Average fell 0.6%, while the tech-heavy Nasdaq Composite declined 0.65%.

The Korean won rose against the U.S. dollar in the wake of this global market volatility. Trade volume was moderate, with losers outnumbering gainers 473 to 368. Individuals bought a net 1.87 trillion won worth of stocks, while institutions and foreigners sold a net 1.22 trillion won and 2.29 trillion won, respectively.