Seoul: South Korean stocks traded 1.6 percent lower late Friday morning as investors locked in profits amid resurfaced military tensions in the Middle East. The benchmark Korea Composite Stock Price Index (KOSPI) fell 120.01 points, or 1.6 percent, to 7,370.04 as of 11:20 a.m.
According to Yonhap News Agency, traders sought to capitalize on gains after the KOSPI had increased for three consecutive sessions up to Thursday, surpassing the 7,400-point mark for the first time. The recent exchange of fire between U.S. and Iranian forces has cast doubt on the prospects of a resolution to the ongoing 10-week conflict, impacting market sentiments.
In Seoul, significant market players experienced declines. Samsung Electronics saw a decrease of 3.13 percent, while its competitor SK hynix fell by 1.87 percent. POSCO Holdings, a leading steelmaker, dropped 3.36 percent, and major game publisher Netmarble experienced a sharp decline of 9.13 percent.
Conversely, some companies showed gains. Hyundai Motor, a top car manufacturer, surged by 12.24 percent, and Samyang Foods, famous for its Buldak series ramyeon, saw an increase of 5.38 percent. Additionally, the Korean won was trading at 1,464.8 won against the U.S. dollar by 11:20 a.m., a decrease of 10.8 won from the previous session.