On the 6th, the won/dollar exchange rate and the KOSPI are displayed on the status board in the dealing room at Hana Bank headquarters in Jung-gu, Seoul. That day, the KOSPI opened at 5,491.02, down 92.88 points (1.66%) from the previous trading day, while the KOSDAQ started at 1,117.49, up 1.08 points (0.10%) from the previous session. The won/dollar exchange rate opened at 1,479.0 won, up 10.9 won from the previous day. Moon Jae-won, reporter
After surging 9.6% the previous day, the KOSPI turned weaker on the 6th as concerns grew over a prolonged U.S.-Iran war. The KOSPI fell more than 3% intraday, and Samsung Electronics and SK Hynix also tumbled more than 5%, dragging the index lower. The KOSDAQ, which had triggered a buy sidecar amid an intraday spike, gave back much of its gains. With international oil prices and the dollar strengthening, the won·dollar exchange rate quickly climbed to the 1,480-won threshold.
As of 10:29 a.m., the KOSPI was trading at 5,381.27, down 202.63 points (3.63%) from the previous session, surrendering the 5,400 level.
The KOSPI, which briefly turned higher in the morning, moved lower as worries about rising oil prices from a prolonged war intensified. In particular, reports that the U.S. government is considering export controls on artificial intelligence (AI) chips added downward pressure to the domestic market, where semiconductors have a heavy weighting.
Samsung Electronics was trading at 184,700 won, down 3.6% from the previous session, and SK Hynix at 910,000 won, down 3.29%. Intraday, both stocks plunged more than 5%.
Most KOSPI constituents were weak, but defense names such as Hanwha Aerospace (4.27%), Hyundai Rotem (3.77%), and LIG Nex1 (13.63%) gained, thereby limiting the index decline.
After jumping 3.39% intraday and triggering a buy sidecar, the KOSDAQ was near flat as of 11:01 a.m., trading at 1,120.54, up 4.13 points (0.37%) from the previous session.
As the stock market weakened, the won·dollar exchange rate also moved higher. It opened at 1,479 won, up 10.9 won from the previous session. In after-hours trading it rose as high as 1,486.4 won. Heightened risk aversion on fears of a prolonged U.S.-Iran war lifted both the dollar and oil.
International oil prices are rising again. On the 5th (local time), Brent futures on ICE settled at $85.41 per barrel, up 4.93% from the previous day. West Texas Intermediate (WTI) on the New York Mercantile Exchange also jumped 8.51% to close at $81.01. Recently, fears that higher oil prices could stoke inflation have grown, acting as a headwind for financial markets.