BUSINESS

Korean stocks fall more than 1% on N. Korea's missile launch

By Yonhap
  • Published : Aug 29, 2017 - 11:39
  • Updated : Aug 29, 2017 - 11:39
South Korean stocks traded sharply lower Tuesday morning as market sentiment was spooked by North Korea's latest missile launch that could further escalate tensions on the Korean Peninsula.

The benchmark Korea Composite Stock Price Index shed 34.32 points, or 1.45 percent, to 2,335.98 as of 11:15 a.m.

North Korea lobbed a ballistic missile over Japan earlier in the day in a move that could pose serious security challenges for Northeast Asia.

(Yonhap)

Reflecting the concern, market kingpin Samsung Electronics dropped 1.56 percent.

SK hynix, a major chipmaker, declined 1.77 percent, and POSCO, the No. 1 steelmaker, remained flat.

Naver, the country's top Internet portal operator, backtracked 1.66 percent, while Hyundai Motor, the No. 1 automaker, dropped 1.04 percent.

The local currency was trading at 1,126.85 won against the US dollar, down 6.75 won from the previous session's close. (Yonhap)