Seoul: South Korean stocks opened lower Thursday as a rally led by artificial intelligence (AI) took a breather amid falling oil prices and conflicting signals from the United States and Iran over their peace deal negotiations. The benchmark Korea Composite Stock Price Index (KOSPI) fell 62.97 points, or 0.77 percent, to 8,165.73 at the opening bell.

According to Yonhap News Agency, the index had closed at a record high of 8,288.7 on Wednesday, extending its winning streak to the fourth consecutive session on the back of a strong rally led by major semiconductor shares, including Samsung Electronics and SK hynix. This record-breaking performance came after the KOSPI achieved the landmark 8,000-point feat on Tuesday.

Overnight, major U.S. indexes closed at record highs due to prospects that the war between the U.S. and Iran is nearing an end. An Iranian media company reported a draft interim deal between the two sides, which included the reopening of the Strait of Hormuz. However, U.S. President Donald Trump expressed dissatisfaction with the negotiations with Iran, providing mixed signals to the markets.

The Dow Jones Industrial Average rose 0.36 percent, the tech-heavy Nasdaq composite edged up 0.07 percent, and the S and P 500 gained 0.02 percent, reflecting the uncertain sentiments surrounding the ongoing U.S.-Iran peace deal discussions.