A screen at the dealing room of Hana Bank’s headquarters in Seoul, Friday, shows the KOSPI and KOSDAQ indices. Yonhap
Korean stocks started a tad lower Friday, retreating from their record-breaking rally as persistent tensions in the Middle East 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 followed overnight losses on Wall Street, where the Dow Jones Industrial Average slipped 0.36 percent and the tech-heavy Nasdaq Composite dropped 0.89 percent.
Investors took to the sidelines as peace talks between the U.S. and Iran showed little progress.
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, adding Iran is seeking a deal and talks are under way.
Also, Iran was activating its air defense system again, according to foreign reports.
But investors are pinning hopes that a potential second round of the peace talks would ease tensions in the Middle East and clear hurdles for the key shipping gateway, the Strait of Hormuz.
Trump also said Israel and Lebanon would extend their ceasefire by three weeks, easing a potential obstacle to efforts to end the conflict involving the U.S. and Iran.
Tech and auto stocks led the losses.
Source: Korea Times News
