Seoul: South Korean stocks opened on a lower note Thursday as fluctuations in oil prices continued amid the ongoing U.S.-Iran conflict and shipping disruptions at a crucial Middle Eastern waterway. The Korean won also witnessed a significant drop against the U.S. dollar.

According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) saw a decline of 39.38 points, or 0.7 percent, settling at 5,570.57 as of 9:15 a.m. This follows a 1.4 percent increase recorded on Wednesday. Investors on Wall Street remained cautious overnight, despite major nations opting to release reserve oil to mitigate prolonged tensions at the Strait of Hormuz. The Dow Jones Industrial Average fell by 0.61 percent, while the tech-heavy Nasdaq Composite inched up by 0.08 percent, and the S and P 500 dipped by 0.08 percent.

In Seoul, major tech firms experienced declines, with Samsung Electronics dropping by 1.42 percent and SK hynix falling by 1.78 percent. The pharmaceutical sector also opened lower, as Samsung Biologics decreased by 1.93 percent and Celltrion by 1.2 percent. Financial and insurance firms saw losses, with KB Financial and Samsung Life Insurance slipping by 1.45 percent and 2.65 percent, respectively. Conversely, Hanwha Aerospace bucked the trend, advancing by 2.48 percent.

The Korean won was trading at 1,484 won against the U.S. dollar, reflecting a decrease of 17.5 won from the previous session, adding to the financial market's volatility.