Kospi opens sharply lower amid Middle East uncertainty

Stocks opened sharply lower Monday, bucking advances on Wall Street, as geopolitical uncertainties in the Middle East pushed up oil prices.

The benchmark Kospi opened down 217.3 points, or 3.14 percent, to 6,692.61.

On Friday, U.S. stocks closed higher on reports that Gulf diplomats and Iran officials could hold a meeting Monday to discuss plans to reopen the Strait of Hormuz, without the United States participating.

The S&P 500 added 0.86 percent, and the tech-heavy Nasdaq inched up 0.96 percent.

But the Omani foreign minister said the meeting was indefinitely suspended, dampening hopes for the opening of the crucial shipping route.

Yonhap