Seoul: South Korean stocks snapped their four-day winning streak Thursday as artificial intelligence (AI)-related shares took a breather following their recent rally and on renewed tensions between the United States and Iran.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) fell 43.41 points, or 0.53 percent, to close at 8,185.29, after dipping as low as 7,841.01. The index had closed at a record high of 8,288.7 on Wednesday, extending its winning streak to the fourth consecutive session, driven by a rally led by major semiconductor shares, including Samsung Electronics and SK hynix. The landmark 8,000-point achievement was reached on Tuesday.
The KOSPI lost ground as blue chip shares paused after their recent rally, influenced by profit taking sentiment. Additionally, news emerged that the U.S. had conducted strikes targeting an Iranian military site, which dampened hopes for an imminent peace deal between the two nations. In response, Iran launched strikes on a U.S. air base, leading to an increase in global oil prices.