Kospi opens lower as U.S.-Iran clashes resume

Stocks opened lower Tuesday, dragged down by losses on Wall Street due to a resumption of military clashes between the United States and Iran.

After opening 0.52 percent down, the Kospi extended losses, trading 84.81 points, or 1.24 percent, lower at 6,735.21 as of 9:15 a.m.

Overnight, major U.S. stocks closed lower as renewed U.S.-Iran airstrike exchanges and Federal Reserve Chair Kevin Warsh's hawkish speech fueled worries about inflation.

The Dow Jones Industrial Average fell 0.7 percent and the S&P 500 lost 0.33 percent, while the Nasdaq composite declined 0.12 percent.

In Seoul, market heavyweights led the decline.

Samsung Electronics sank 2.31 percent, and SK hynix fell 1.19 percent.

Carmaker Hyundai Motor retreated 1.12 percent, and defense company Hanwha Aerospace lost 2.45 percent.

However, shipbuilder HD Hyundai Heavy Industries rose 0.33 percent and pharmaceutical firm Celltrion gained 0.74 percent.

The local currency rose 1.15 won from the previous close to trade at 1,368.15 against the greenback at 9:15 a.m. 

Yonhap