South Korean Shares Tumble On Oil Price Hike, Samsung Earnings

Friday, South Korean shares were sharply weaker as record-high oil prices raised investor concerns and market leader Samsung Electronics reported a drop in second-quarter earnings. The benchmark Korea Composite Stock Price Index, or KOSPI, fell 32.45 points, or 2.53%, to 1,252.57.

Most of the industries declined as investor concerns rose over the record-breaking oil prices. On Thursday, crude oil for August delivery ended $1.75 higher at $76.70 per barrel in New York due to a large drop in U.S. crude supplies the previous day.
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