KOSPI drops 2.29% to 7,643; USD/KRW jumps 17.5 won to 1,489.9, Asia's worst fall

On May 12, KOSPI plunged 179.09 points, or 2.29%, to 7,643.15, ending a five-session record rally and posting the steepest decline among Asian markets. At 3:30 p.m. in Seoul, USD/KRW closed at 1,489.9, up 17.5 won from the prior session, as dollar strength and renewed Middle East risk hit the won together. The S&P 500 slipped 0.16% to 7,400.96 and Nasdaq fell 0.71% to 26,088.20, pulling back from record highs. Europe also sold off: STOXX 600 fell 1.1% to 606 and STOXX 50 dropped 1.4% to 5,815.