The benchmark KOSPI index is displayed on an electronic board at the dealing room of Hana Bank headquarters in Seoul, Friday. Yonhap
Korean stocks started lower Friday on profit hunting following a recent rally and renewed military tensions in the Middle East after the United States and Iran exchanged fire.
The benchmark Korea Composite Stock Price Index (KOSPI) opened at 7,353.94, down 136.11 points, or 1.82 percent.
The index had been on a bullish run to hit record highs for three consecutive sessions starting Monday, gaining nearly 1,000 points to close at a fresh high of 7,490.05 on Thursday.
Overnight, the U.S. and Iran clashed in the Strait of Hormuz, putting ongoing progress in the Washington-Tehran peace talks in doubt.
Iran claimed that the U.S. targeted Iranian ships entering the strait, while the U.S. military said it acted in self-defense after Iran attacked its navy destroyers that were passing through the waterway.
Against this backdrop, Wall Street finished lower. The Dow Jones Industrial Average declined 0.63 percent, the S&P 500 0.38 percent and the tech-heavy Nasdaq composite 0.13 percent.
Source: Korea Times News
