Seoul shares experienced a significant drop, extending losses by over 8% on Wednesday morning. The Korea Composite Stock Price Index (KOSPI) fell 468.98 points to 5,322.93, following a previous session’s decline of more than 7.24 percent. The Korea Exchange (KRX) activated circuit breakers as geopolitical tensions heightened.
The market saw a temporary halt in program-driven sell orders in KOSPI futures due to a five-minute sell-side sidecar issued by the KRX. This action was also taken in the tech-heavy KOSDAQ market. The decline in shares was influenced by coordinated strikes on Iran by the United States and Israel.
Following the global trend, large-cap shares in Seoul traded notably lower. Samsung Electronics and SK hynix faced declines of 7.28% and 5.43%, respectively. Hyundai Motor and Kia experienced drops of 10.92% and 10.42%, while Hanwha Aerospace and SK Innovation fell by 11.03% and 12.83%.
Defence firm LIG Nex1 and refiner S-Oil were among the few gainers, rising by 3.63% and 18.05%, respectively. The Korean won was trading at 1,477.15 won against the U.S. dollar, down 11.05 won from the previous session.
