FX.co ★ Korean Stocks Extend Decline on Oil Spike

The benchmark KOSPI fell 1.30% to around 5,510 on Friday, extending its losing streak as investor sentiment weakened amid surging oil prices and a broad global equity selloff. The drop tracked a sharp downturn in US markets overnight: the Dow Jones Industrial Average lost 1.56%, hitting its lowest level of the year, while the Nasdaq Composite declined 1.78%.

Equities came under further pressure after Mojtaba Khamenei, Iran’s newly appointed leader, vowed to keep the Strait of Hormuz closed. The escalation in geopolitical tension pushed Brent crude above $100 per barrel, while West Texas Intermediate climbed to about $95.73, intensifying concerns about inflation and the outlook for global growth.

Technology shares led the decline, with chipmakers Samsung Electronics (-2.18%) and SK Hynix (-2.04%) recording notable losses. Battery producers and oil refiners also weighed on the index, including LG Energy Solution (-3.65%), SK Innovation (-5.34%), and S-Oil (-4.49%).