SEOUL, March 23 (AJP) - South Korea’s benchmark KOSPI tumbled at the open on Monday, triggering a sell-side sidecar as investor sentiment soured sharply on energy crisis after an U.S. ultimatum on Iran to reopen the Strait of Hormuz.
As of 9:54 a.m., Seoul's main index sank 6 percent 5,430.24, and the KOSDAQ nearly 5 percent to 1,105.33. Losers overwhelmed gainers by 859 to 57.
The dollar hit 1,510.40, the first time above 1,510 since March of 2009 amid the global financial crisis.
Fears of a broader conflict between the United States, Israel and Iran — coupled with surging oil prices and a global market sell-off — drove a broad risk-off sentiment, sending equities sharply lower.
The escalation intensified after U.S. President Donald Trump warned Iran to reopen the Strait of Hormuz within 48 hours or face destruction on its energy infrastructure, as Tehran launched its most destructive attack yet on Israel.
Index-heavy Samsung Electronics and SK hynix plunged more than 6 percent.
Automobile and mobility stocks also moved down, Hyundai Motor fell 4.06 percent to 496,000 won, Kia declined 3.62 percent to 162,400 won, and Hyundai Mobis dropped 5.12 percent to 380,000 won.
In energy, chemicals and industrials, LG Energy Solution slipped 3.60 percent to 362,000 won, SK Square plunged 8.72 percent to 555,000 won, Doosan Enerbility fell 5.29 percent to 103,800 won, Hanwha Aerospace declined 4.24 percent to 1,264,000 won, HD Hyundai Heavy Industries dropped 6.80 percent to 521,000 won, and Hanwha Ocean fell 5.58 percent to 121,900 won.
In bio and healthcare, Samsung Biologics edged down 3.31 percent to 1,548,000 won, while Celltrion declined 4.80 percent to 192,300 won.
Financial shares followed the downward trend, with KB Financial Group falling 3.80 percent to 149,300 won, Mirae Asset Securities dropping 5.91 percent to 63,700 won, Samsung Life Insurance declining 4.32 percent to 221,500 won, and Shinhan Financial Group falling 4.29 percent to 93,700 won.
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