South Korean Markets Fall as Mideast Tensions Escalate
South Korean shares fell 6 percent and the won hit a 17-year low on Mideast tensions. Seoul plans a 25 trillion won budget to support the local economy.
Financial markets in South Korea experienced a sharp downturn on Monday as escalating geopolitical tensions in the Middle East drove investors away from riskier assets. The benchmark KOSPI index plummeted 375.45 points, or 6.49%, to close at 5,405.75, its lowest level in two weeks and the steepest daily percentage decline since early March.
The market turmoil follows threats from the United States and Iran to target energy infrastructure in the Gulf, raising fears of a broader regional conflict. This instability pushed the South Korean won to its weakest level since March 2009, with the currency falling 0.83% to 1,517.3 per dollar on the onshore settlement platform.
