Seoul:South Korean stocks opened lower on Monday, even as Wall Street experienced gains, influenced by hopes for a diplomatic resolution in the Iran conflict leading to a drop in oil prices.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) fell by 23.06 points, or 0.33 percent, to reach 7,057.86 in the early moments of trading.
KOSPI had been on a winning streak for four sessions, before being closed on Thursday and Friday due to the Chuseok holiday, which is akin to Thanksgiving in South Korea.
On the previous Friday, U.S. stocks had closed higher, with significant contributions from technology and industrial sectors. The Dow Jones Industrial Average increased by 0.93 percent, the S&P 500 rose by 0.51 percent, and the Nasdaq Composite Index went up by 0.48 percent.
In related developments, Brent crude oil prices settled at approximately $104 per barrel following reports of Iran proposing a plan aimed at resolving the ongoing conflict.