Seoul shares end tad lower on tech losses, Iran uncertainty

Lead

South Korean stocks ended Monday's session lower as investors remained cautious amid renewed concerns over the fragile U.S.-Iran ceasefire and rising oil prices, with technology shares leading losses, Yonhap News Agency reported.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 16.56 points, or 0.2 percent, to close at 8,394.65, after rising as high as 8,525.53 during the session, according to Yonhap.

Coverage Comparison

Yonhap News Agency's English-language wire service published two reports on the day's trading. An early report described stocks as trading "sharply lower" late Monday morning, with the KOSPI down 170.78 points, or 2.03 percent, to 8,240.43 as of 11:20 a.m., after opening 0.91 percent lower.

A later report covering the full session showed a more modest decline, with the index closing 16.56 points lower. The discrepancy reflects the market's intraday recovery.

Both reports attributed the weakness to renewed concerns over the U.S.-Iran ceasefire and rising oil prices, noting that oil prices climbed after the United States and Iran exchanged fresh strikes over the weekend, raising concerns about energy supplies and shipping traffic through the Strait of Hormuz.

The two sides agreed to halt recent hostilities in the Gulf and renew talks, according to reports cited by Yonhap.

Key Claims

• The KOSPI closed down 16.56 points, or 0.2 percent, at 8,394.65, after reaching an intraday high of 8,525.53, Yonhap reported.
• Early Monday trading saw the KOSPI down 2.03 percent at 11:20 a.m., before the index recovered by the close.
• Oil prices rose after the United States and Iran exchanged fresh strikes over the weekend, raising concerns over energy supplies and shipping through the Strait of Hormuz.
• The two sides agreed to halt recent hostilities and renew talks, according to reports.
• The Korean won weakened against the U.S. dollar, trading at 1,542.65 won at 11:20 a.m., down 10.65 won from the previous session, Yonhap reported.
• Market bellwether Samsung Electronics fell 5.15 percent, while chip giant SK hynix retreated 3.29 percent, according to Yonhap.
• Artificial intelligence investment firm SK Square sank 7.62 percent, while battery maker LG Energy Solution jumped 14.18 percent.
• On Friday, the S&P 500 slipped 0.05 percent, the Nasdaq composite declined 0.24 percent, and the Dow Jones Industrial Average fell 0.09 percent, Yonhap reported.

Market Details

Yonhap's earlier report noted that investors remained on the sidelines ahead of the expected announcement of major long-term investment plans by chip giants Samsung Electronics and SK hynix at a meeting chaired by President Lee Jae Myung later in the day.

The later report said tech shares briefly pared earlier losses in late afternoon following mega investment plans by Samsung Electronics and SK hynix to expand memory chip production capacity, but failed to sustain the momentum and ended the session in negative territory.