KOSPI
Seoul stocks open lower amid U.S.-Iran peace talks prospects
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Seoul stocks opened lower on Thursday amid prospects for U.S.-Iran peace talks. The KOSPI fell 80.19 points, or 1.42 percent, to 5,562.02.
Seoul stocks opened sharply higher on Wednesday amid growing optimism over Washington's moves to end the month-long war in Iran. The benchmark KOSPI rose 170.22 points, or 3.06 percent, to 5,724.14 in the first 15 minutes of trading.
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Extreme KOSPI swings after U.S. and Israeli airstrikes on Iran are worsening the 'Korea discount', says Peter S. Kim of KB Financial Group. The index plunged 7.24% on March 3 and surged a record 9.63% on March 5. Kim blames retail investors' short-term, high-risk trading.
Alteogen, the top market cap company on South Korea's secondary KOSDAQ market, has decided to move to the main KOSPI bourse to secure stable funding and enhance its corporate value. Shareholders approved the proposal on Monday, with the firm aiming for a listing next year.
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Seoul shares extended losses late Thursday morning as foreign investors offloaded major chipmakers. The KOSPI fell 1.12 percent to 3,987.46 as of 11:20 a.m. This came after a gain the previous day driven by positive third-quarter GDP data.