South Korean Stocks Close Lower as Strait of Hormuz Tensions Push Oil Prices Up

MT Newswires Live

Mar 12

South Korean stocks closed lower on Thursday as rising tensions in the Strait of Hormuz drove sharp volatility in global oil prices, with crude oil prices exceeding $90 a barrel again. Despite US President Donald Trump's claims that the war was nearing an end, commercial ships passing through the strait kept being attacked, leading to heightened investor fears.

The benchmark Korea Composite Stock Price Index or Kospi fell by 26.7 points, or 0.5%, to finish at 5,583.25. The Kosdaq rose by 11.57 points, or 1.02%, to end at 1,148.4.

HD-Hyundai Marine Engine (KRX:071970) secured a ship engine supply contract from Taizhou Sanfu Ship Engineering, according to a Thursday filing with the Korean Exchange.

The deal is valued at 33.5 billion won. The shipbuilder will deliver the vessels by May 9, 2028.

Shares of the company rose more than 2% at market close.

In other news, Fadu (KOSDAQ:440110) secured an enterprise solid-state drive (SSD) controller supply contract from an undisclosed overseas NAND flash memory manufacturer.

The contract, valued at 22.7 billion won, is valid till Sept. 11.

Shares of Fadu rose more than 5% at market close.

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Despite US President Donald Trump's claims that the war was nearing an end, commercial ships passing through the strait kept being attacked, leading to heightened investor fears.</p><p>The benchmark Korea Composite Stock Price Index or Kospi fell by 26.7 points, or 0.5%, to finish at 5,583.25. The Kosdaq rose by 11.57 points, or 1.02%, to end at 1,148.4.</p><p>HD-Hyundai Marine Engine (KRX:071970) secured a ship engine supply contract from Taizhou Sanfu Ship Engineering, according to a Thursday filing with the Korean Exchange.</p><p>The deal is valued at 33.5 billion won. 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