Kospi starts lower amid instability in the Middle East

Stocks started sharply lower Monday amid growing geopolitical instability in the Middle East sparked by Iran's missile and drone strikes against Israel.

A screen in Hana Bank's trading room in central Seoul shows the stock market prices as it opens on Monday. [YONHAP]

Stocks started sharply lower Monday amid growing geopolitical instability in the Middle East sparked by Iran's missile and drone strikes against Israel.

The Kospi dropped 33.9 points, or 1.26 percent, to 2,647.92 in the first 15 minutes of trading.

Iran conducted the attack Saturday in retaliation for Israel's airstrike on Iran's diplomatic complex in Syria earlier this month.

Tech shares opened bearish, with Samsung Electronics falling 1.43 percent and SK hynix sliding 0.8 percent.

Battery makers also traded weaker, with LG Energy Solution losing 1.35 percent and Samsung SDI moving down 1.37 percent.

Naver lost 1.34 percent, and Kakao decreased 1.36 percent.

The local currency was trading at 1,382 won against the dollar, up 6.6 won from the previous session's close.

BY LEE SOO-JUNG, YONHAP [lee.soojung1@joongang.co.kr]