Seoul:<Text>
South Korean stocks closed lower Friday as investors cautiously watched situations involving the Strait of Hormuz after the new Iranian leader vowed to maintain the blockade of the sea channel. The local currency fell against the greenback.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) moved down 96.01 points, or 1.72 percent, to close at 5,487.24. The KOSPI fell 0.48 percent Thursday.
Global crude prices continued to fluctuate, surpassing US$100 per barrel again after Mojtaba Khamenei, who was named to succeed his father as Iran's new leader, vowed to continue the blockade at the crucial waterway.
The Korean won was trading at 1,493.7 won against the U.S. dollar, down 12.5 won from the previous session, as of 3:30 p.m.
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