KB News Desk
Seoul shares plunged more than 3 percent Monday, extending their losing streak to a fourth session, as a massive sell-off in technology stocks fueled by inflation concerns weighed on the market amid elevated oil prices.
The Korean won rose against the US dollar.
After opening 0.07 percent lower, the benchmark Korea Composite Stock Price Index extended losses to close down 241.69 points, or 3.65 percent, at 6,384.24.
Trade volume was moderate at 313 million shares worth 21.33 trillion won ($16 billion), with decliners outnumbering advancers 717 to 166.
Institutions and foreigners sold a net 110.65 billion won and 2.02 trillion won worth of stocks, respectively, while individuals bought a net 1.47 trillion won.
Oil prices rose amid escalating tensions in the Middle East following renewed Houthi attacks on Saudi Arabia’s main airport over the weekend.
A broader regional conflict could further disrupt energy supplies, adding to inflationary pressures and complicating the Federal Reserve’s efforts to bring inflation under control, analysts said. (Yonhap)
