The KOSPI index is plunging more than 6% early on the 9th. The move is seen as driven by a surge in geopolitical tensions in the Middle East, which pushed international oil prices above $100 per barrel overnight.

Market indicators including the KOSPI are displayed on the electronic board at the Hana Bank dealing room in Jung-gu, Seoul, on the 9th. The KOSPI opens at 5,265.37, down 319.50p (5.72%) from the previous transaction day; the KOSDAQ at 1,096.48, down 58.19p (5.04%); and the won–dollar exchange rate at 1,492.0 won, up 17.4 won. /Courtesy of News1

As of 9:04 a.m., the KOSPI index is pointing to 5,240.15, down 6.17% (344.72 points) from the previous trading day. The KOSPI opened at 5,265.37, down 319.50 points (5.72%) from the day before.

The main board is being pulled down by foreigners and institutions. While foreigners are net selling 330.8 billion won and institutions 133.8 billion won, individuals alone are net buying 449.5 billion won, defending the market.

Among the top stocks by market cap on the main board, the screens are lit blue. In particular, Samsung Electronics and SK hynix are plunging more than 7%. Hyundai Motor, LG Energy Solution, Samsung Biologics, SK Square and Kia are also falling.

At the same time, the KOSDAQ index is down 4.48% (51.76 points) at 1,102.91.

In the KOSDAQ market, while individuals are net selling 112.3 billion won, foreigners and institutions are net buying 123.8 billion won and 12.9 billion won, respectively.

Top market-cap stocks on the KOSDAQ are also mostly declining. Rainbow Robotics is down more than 7%, and EcoPro, Alteogen, Sam Chun Dang Pharm, ABL Bio, Kolon TissueGene, LEENO Industrial, LigaChem Biosciences and HLB are falling.

Overnight, international oil prices broke above $100 per barrel. According to Bloomberg and other major foreign media, on the 8th (local time) Brent, the global benchmark, rose 16.19% to $107.70 per barrel, and West Texas Intermediate (WTI) rose 18.98% to $108.15.

It is the first time in four years since 2022, when Russia invaded Ukraine, that international oil prices have topped $100 per barrel.

This is seen as due to Middle Eastern oil producers moving to cut output in succession as the blockade of the Strait of Hormuz lengthens in the aftermath of the United States-Iran war. Iraq, Kuwait and the United Arab Emirates (UAE) said they would reduce crude output as tankers were unable to pass through the Strait of Hormuz due to threats from Iran.

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