South Korean Shares Tumble, Won Hits 17-Year Low on Mideast Conflict

South Korean shares and the won collapsed on Monday as Middle East tensions escalated. The KOSPI triggered sidecar curbs while the won hit its weakest level since 2009.

By: AXL Media

Published: Mar 23, 2026, 6:23 AM EDT

Source: Reuters

Market Freefall and Trading Curbs

The sell-off was so severe that local authorities were forced to activate a "sidecar" trading curb to temporarily halt program trading—the fourth such intervention this month.

KOSPI Performance: The index closed down 375.45 points at 5,405.75, marking its steepest daily percentage loss since early March.

Monthly Context: Despite a world-beating rally driven by AI and semiconductors earlier this year, the KOSPI has surrendered 13% of its value this month alone.

Currency Collapse: On the onshore settlement platform, the won weakened 0.83% to 1,517.3 per dollar, a level not seen in 17 years.

Tech Giants Lead the Decline