South Korean stocks ended a three-day winning streak on April 17 due to profit-taking, as investors awaited developments on a possible second round of U.S.-Iran peace talks. The benchmark KOSPI fell 0.55% to 6,191.92, while the won weakened to 1,483.5 against the dollar. This came amid positive signals from U.S. President Donald Trump on weekend negotiations.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 34.13 points, or 0.55%, to close at 6,191.92. The index had risen for three straight sessions, surpassing 6,200 on Thursday for the first time since the U.S.-Iran conflict erupted on February 28. Its all-time closing high remains 6,307.27, set on February 26.
Trading volume was moderate at 680.2 billion shares worth 22.8 trillion won ($15.4 billion), with 463 gainers outnumbering 389 decliners. Foreigners net sold 2 trillion won of stocks, while institutions bought a net 150.3 billion won and individuals a net 1.4 trillion won.
U.S. President Donald Trump expressed optimism for a second round of peace talks with Iran over the weekend, as Israel and Lebanon announced a 10-day ceasefire. "The KOSPI took a breather before reclaiming its all-time high amid rising hopes for a second round of peace talks between Washington and Tehran," said Kang Jin-hyuk, an analyst at Shinhan Securities Co.
Most market heavyweights declined. Samsung Electronics fell 0.69% to 216,000 won, SK hynix lost 2.34% to 1.1 million won, and Hanwha Aerospace sank 6.32% to 1.4 million won. Hyundai Motor rose 0.75% to 538,000 won, while HD Hyundai Heavy Industries added 4.15% to 514,000 won.
The won was quoted at 1,483.5 against the dollar at 3:30 p.m., down 8.9 won. Bond yields rose, with the three-year Treasury adding 3.1 basis points to 3.371% and the five-year benchmark up 4.4 basis points to 3.580%.
