The benchmark KOSPI and Kosdaq indices are displayed in the dealing room of Hana Bank headquarters in central Seoul, Thursday. Yohap
Korean stocks were trading more than 1 percent lower late Thursday morning as foreign investors unloaded local shares following a recent tech-led rally and news that the United States launched new strikes against Iran.
The benchmark Korea Composite Stock Price Index (KOSPI) had fallen 84.32 points, or 1.02 percent, to 8,144.38 as of 11:20 a.m.
The index closed at a record high of 8,288.7 on Wednesday, extending its winning streak to the fourth consecutive session on the back of a strong rally led by major semiconductor shares, including Samsung Electronics and SK hynix. The landmark 8,000-point feat was achieved Tuesday.
The KOSPI, however, started weak as blue chip shares took a breather after their recent rally on news that the U.S. carried out strikes targeting an Iranian military site, dampening hopes for an imminent peace deal between the two sides.
Overnight, major U.S. indexes closed at record highs over prospects that the war between the U.S. and Iran is nearing an end after an Iranian media company reported a draft interim deal between the two sides, which included the reopening of the Strait of Hormuz.
The Dow Jones Industrial Average rose 0.36 percent, the tech-heavy Nasdaq composite edged up 0.07 percent, and the S&P 500 gained 0.02 percent.
In Seoul, market top-cap Samsung Electronics dipped 2.12 percent, while its chipmaking rival SK hynix added 0.62 percent.
AI investment firm SK Square dropped 2.51 percent.
Major shipbuilders were weak, with HD Hyundai Heavy sliding 4.44 percent and Hanwha Ocean plunging 7.78 percent.
Source: Korea Times News
