Seoul: South Korean stocks were trading lower late Thursday morning, led by declines in major shares, amid prospects for U.S.-Iran talks to end their monthlong conflict. The benchmark Korea Composite Stock Price Index (KOSPI) fell 151.15 points, or 2.69 percent, to 5,490.7. Traders continue to sit on the sidelines as they weigh the prospect of peace talks between the United States and Iran.
According to Yonhap News Agency, on Wednesday (local time), U.S. President Donald Trump stated that Iran "wants to make a deal so badly" but is "afraid to say it," following the White House's assertion that conversations with Tehran on the war are not at a dead end. However, Iranian state-run media reported that Iran has dismissed a peace plan from the U.S., with Iran's foreign minister denying negotiations with Washington.
In Seoul, most large-cap shares were trading lower. Market top-cap Samsung Electronics fell 4.66 percent, while its chipmaking rival SK hynix shed 5.43 percent. Top carmaker Hyundai Motor inched down 2.2 percent, and battery maker LG Energy Solution retreated 1.78 percent. Among those who gathered ground were major financial group KB Financial, which added 2.21 percent, and shipbuilder Hanwha Ocean, which advanced 0.96 percent.
The Korean won was trading at 1,504.9 won against the U.S. dollar, down 5.2 won from the previous session, as of 11:20 a.m.