South Korea's KOSPI Index Falls 1.91% During Week of July 20-24 Amid Middle East Tensions

According to Money Today, South Korea's stock market declined during the week of July 20-24, with the KOSPI index falling 1.91% to close at 6,690.62. On Friday, July 24, the index plunged 5.72% in what traders dubbed a 'Black Friday,' driven by escalating Middle East tensions and concerns over hyperscaler profitability. The conflict between the U.S. and Iran intensified as Houthi forces attacked two Saudi oil tankers in the Bab al-Mandab Strait, elevating geopolitical risk.

Rising oil prices fueled gains in renewable energy stocks. SK Eternics surged 55.58%, followed by HD Hyundai Energy Solution at 48.96% and SK Ocean Plant at 37.56%. Conversely, semiconductor stocks declined as Alphabet reported a sharp contraction in free cash flow due to increased capital expenditures, raising profitability concerns. SK Hynix fell 4.51% and Samsung Electronics dropped 2.16%.