Kospi opens lower on escalating Middle East tensions

Stocks opened lower Friday as investors attempted to cash in recent gains amid escalating tensions between the United States and Iran.

The Kospi fell 191.3 points, or 2.7 percent, to 6,905.59 as of 9:15 a.m.

Overnight, stocks on Wall Street slipped as the war in the Middle East shows little sign of ending.

The S&P 500 fell 1.21 percent, and the tech-heavy Nasdaq dipped 2.15 percent.

U.S. President Donald Trump said in an interview with a media outlet that he is considering a "massive attack" against Iran on a scale larger than strikes witnessed earlier.

Yemen Houthi fighters' claim they attacked ships in the Red Sea is further escalating the already volatile situation in the Middle East, pushing Brent crude futures above $100 per barrel.

Most market heavyweights were trading lower.

Samsung Electronics fell 3.15 percent, while SK hynix retreated 3.86 percent.

Carmaker Hyundai Motor slipped 5.21 percent, battery maker LG Energy Solutions dipped 3.59 percent, and major financial group KB Financial went down 4.76 percent.

The local currency rose 2.2 won from the previous session to trade at 1,472 against the greenback as of 9:15 a.m. 

Yonhap