Lead

Seoul shares ended lower for a second straight session on Friday, weighed down by foreign selling as renewed tensions in the Middle East dampened investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) fell 37.61 points, or 0.6 percent, to close at 6,258.77, after opening 1.09 percent higher and dropping as low as 6,158.73 during the session.

The Korean won rose against the U.S. dollar, trading at 1,419.45 won per dollar as of 11:20 a.m., up 4.65 won from the previous close of stock trading, according to Yonhap News.

Coverage Comparison

Yonhap News reported the market's decline in multiple dispatches throughout Friday, with early morning coverage noting that the KOSPI turned lower late Friday morning, trading down 36.07 points, or 0.57 percent, to 6,260.31 as of 11:20 a.m., after opening higher. Later reports confirmed the closing figures.

The index plunged 4.58 percent in the previous session, dragged down mainly by losses in technology stocks, as reported by Yonhap. Overnight, U.S. stocks ended lower, with the Dow Jones Industrial Average falling 0.85 percent and the tech-heavy Nasdaq Composite slipping 0.06 percent, amid uncertainty over a possible agreement between the United States and Iran to reopen the Strait of Hormuz.

Trade volume was light at 297.18 million shares worth 24.3 trillion won (US$17.1 billion), with winners outnumbering losers 552 to 321.

Key Claims

  • Foreign investors sold a net 858.07 billion won worth of stocks, while institutions and retail investors purchased a net 578.99 billion won and 266.98 billion won, respectively, according to Yonhap.
  • In early morning trading, institutions bought a net 423.3 billion won (US$298 million) worth of stocks, while foreigners and individuals sold a net 179.5 billion won and 223.1 billion won, respectively.
  • Large-cap stocks were mixed, with chip giant SK hynix dropping 4.88 percent to 1,422,000 won, top carmaker Hyundai Motor declining 1.12 percent to 395,500 won, and Lotte Shopping plunging 12.93 percent to 99,700 won, as reported by Yonhap. In the intraday report, SK hynix fell 4.01 percent, Hyundai Motor declined 2.38 percent, and Lotte Shopping plunged 15.72 percent.
  • Shipbuilder Hanwha Ocean backtracked 1.43 percent, and national flag carrier Korean Air shed 1.27 percent, according to Yonhap.
  • Among gainers, market bellwether Samsung Electronics rose 0.98 percent, and defense giant Hanwha Aerospace climbed 1.8 percent. Leading steelmaker POSCO Holdings gained 2.51 percent, and Korea Aerospace Industries advanced 4.6 percent.
  • Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.4 basis point to 3.746 percent, and the return on the benchmark five-year government bonds added 0.7 basis point to 3.964 percent, as reported by Yonhap.
  • Uncertainty surrounding the strategic waterway is expected to keep oil prices elevated, adding to volatility in a market already unsettled by concerns over the artificial intelligence (AI) trade, analysts said, according to Yonhap.
  • Iran has reportedly threatened to deny U.S. and Israeli vessels access to the strait and require compensation from countries it considers hostile before allowing them passage, Yonhap reported.