Seoul: South Korean stocks opened sharply lower Friday as investors took a breather following a recent rally in tech shares amid uncertainty over the U.S.-Iran peace deal. The benchmark Korea Composite Stock Price Index (KOSPI) lost 316.21 points, or 3.66 percent, to 8,323.2 at the opening bell.
According to Yonhap News Agency, overnight major U.S. stocks closed mixed. The Dow Jones Industrial Average rose 1.73 percent, and the S and P 500 added 0.41 percent to 7,584.31. However, the tech-heavy Nasdaq composite slipped 0.09 percent as Broadcom and other artificial intelligence-related stocks weighed on the index.
Additionally, oil prices retreated after three consecutive sessions of gains. This shift in investor sentiment came after reports that Israel had agreed to a conditional ceasefire with Lebanon, indicating potential stabilization in the region.