Seoul stocks slip after opening slightly higher as Iran concerns temper bargain hunting

Seoul stocks opened slightly higher Tuesday but quickly turned lower as bargain hunting in battered tech heavyweights faded amid lingering concerns over escalating tensions in the Middle East.

After opening 0.58 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) trimmed earlier gains to fall 38.56 points, or 0.59 percent, to 6,477.71 as of 9:15 a.m.

The KOSPI shed 4.46 percent Monday, following a 6.37 percent fall Friday.

Overnight, major U.S. stock indexes closed lower as investors weighed the risk of renewed hostilities in the Middle East while awaiting earnings reports from major technology companies later this week.

The S&P 500 slipped 0.2 percent, and the Dow Jones Industrial Average fell 0.6 percent.

The tech-heavy Nasdaq inched down 0.05 percent.

U.S.

President Donald Trump vowed that Iran "will pay" for killing three American soldiers in recent days, even as mediators proposed a new truce.

Saudi Arabia said it would take all necessary measures to protect its ships following the threats by the Tehran-backed Houthi militants in Yemen.

In Seoul, most market heavywe ...