KOSPI falls 0.66% as oil prices fuel inflation concerns

  • KOSPI opened lower as South Korean stocks followed overnight Wall Street declines.
  • 45.33 points sent the KOSPI down 0.66% to 6,844.11 at the open.
  • U.S.-Iran tensions lifted oil prices and Treasury yields toward multiyear highs.

South Korean stocks opened lower Tuesday, with the benchmark KOSPI (South Korea's main stock index) dropping 45.33 points, or 0.66%, to 6,844.11. The decline followed losses on Wall Street, where renewed tensions between the United States and Iran drove crude oil prices higher and raised concerns that increased energy costs could keep inflation and interest rates elevated. U.S. Treasury yields continued climbing, with the 10-year yield reaching 5.23% and the 30-year yield 5.55%, near multiyear highs. The S&P 500 fell 0.77%, the Dow Jones Industrial Average slipped 0.67% and the Nasdaq composite declined 0.92%.

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