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Kospi opens sharply lower after Iran-backed militants in Yemen join Middle East conflict

Published: 30 Mar. 2026, 09:45 Updated: 30 Mar. 2026, 11:09

A trading room at Hana Bank in central Seoul on March 30 [YONHAP]

Korean stocks opened sharply lower on Monday as concerns have risen about a broader conflict in the Middle East after Iran-backed Houthi militants in Yemen joined the war.

After opening 4.73 percent lower, the benchmark Kospi fell 240.94 points, or 4.43 percent, to 5,197.93 in the first 15 minutes of trading.

Risk-off sentiment has deepened as the conflict, which began in late February following U.S.-Israeli strikes on Iran, has shown signs of further escalation.

The Houthis fired missiles at Israel over the weekend, warning they would continue operations until attacks on Iran cease. It marked their first military action since the start of the war in the Middle East a month ago.

Following the move, global oil prices climbed as fears of further disruptions to oil supplies intensified.

U.S. President Donald Trump said negotiations with Iran to end the war are underway, but Washington has ordered thousands of troops to move to the region, stoking fears of ground operations.

Most big-cap shares lost ground.

Plumes of smoke and fire rise after debris from an intercepted Iranian drone struck an oil facility in Fujairah, United Arab Emirates, on March 14, according to authorities. [AP/YONHAP]

Market bellwether Samsung Electronics slid 3.9 percent, and chip giant SK hynix sank 5.42 percent.

Top automaker Hyundai Motor dropped 5.66 percent, and its sister affiliate Kia tumbled 5.52 percent.

Leading battery maker LG Energy Solution lost 1.2 percent, and AI investment firm SK Square dipped 6.07 percent.

Bio giant Samsung Biologics decreased 4.3 percent, and Celltrion went down 3.25 percent.

Defense giant Hanwha Aerospace declined 4.87 percent, and nuclear power plant builder Doosan Enerbility fell 5.76 percent.

Leading shipbuilder HD Hyundai Heavy and its rival Hanwha Ocean lost 6.72 percent and 5.6 percent, respectively.

The local currency depreciated 4.95 won from the previous session to trade at 1,513.85 won against the greenback at 9:15 a.m.

Yonhap