South Korean stocks opened slightly lower on Friday amid persistent Middle East tensions and little progress in US-Iran peace talks. The KOSPI fell 7.21 points, or 0.11 percent, to 6,468.60 in the first 15 minutes of trading. The decline followed overnight Wall Street losses as investors stayed on the sidelines.
Korean stocks opened a tad lower on Friday at the Seoul bourse, retreating from their record-breaking rally as persistent Middle East tensions weighed on investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.21 points, or 0.11 percent, to 6,468.60 in the first 15 minutes of trading.
The decline came after overnight losses on Wall Street, where the Dow Jones Industrial Average slipped 0.36 percent and the Nasdaq Composite dropped 0.89 percent. Investors took to the sidelines amid little progress in peace talks between the U.S. and Iran.
On Thursday U.S. time, U.S. President Donald Trump said he had ordered the U.S. Navy to target any vessels laying mines in the Strait of Hormuz, adding that Iran is seeking a deal and talks are under way. Iran activated its air defense system again, according to foreign reports. Trump also noted that Israel and Lebanon would extend their ceasefire by three weeks, potentially easing obstacles to ending the U.S.-Iran conflict.
Tech and auto stocks led the losses: Samsung Electronics fell 2 percent, SK hynix declined 0.08 percent, Hyundai Motor dropped 3.2 percent, and Kia shed 2.21 percent. Korean Air fell 0.6 percent, while Korea Aerospace Industries plunged 7.23 percent. Defense shares bucked the trend, with Hanwha Aerospace Industries rising 5.26 percent and LIG Nex1 jumping 4.66 percent.
The local currency traded at 1,482.40 won against the U.S. dollar at 9:15 a.m., down 1.4 won from the previous session.
