South Korean stocks, including the benchmark Korea Composite Stock Price Index (KOSPI), saw a 1.37 percent decline, with major tech companies like Samsung Electronics and SK hynix experiencing losses. Amid disruptions in global oil supply, companies in the nuclear power plant construction sector, such as Daewoo Engineering & Construction and Hyundai Engineering & Construction, witnessed significant gains.
Financial firms, however, faced a bearish trend, with KB Financial and Shinhan Financial both recording losses. On the other hand, top online portals like Naver and Kakao saw mixed results in the market. The Korean won was trading at 1,486.7 won against the U.S. dollar, showing a slight decrease from the previous session.
Industry Minister Kim Jung-kwan urged oil refineries and gas stations to support the government’s fuel price cap system, which was introduced to alleviate cost pressures due to the Middle East crisis. The system, which sets maximum prices for gasoline, diesel, and lamp oil, went into effect recently to mitigate the impact of the ongoing situation in the region.
