S. Korean stocks open sharply lower amid lingering Middle East conflict, global oil price surge

SEOUL -- South Korean stocks fell sharply at the opening on Monday as investors remained cautious amid heightened market volatility fueled by the Middle East conflict and a surge in global oil prices.

The benchmark Korea Composite Stock Price Index (KOSPI) dropped 319.5 points, or 5.72 percent, to 5,265.37 shortly after trading began. Market sentiment was dampened by concerns over unstable energy prices after US benchmark West Texas Intermediate (WTI) crude climbed above 100 US dollars per barrel on Sunday for the first time since July 2022.