South Korean shares fell on Friday, reversing early gains that had pushed the benchmark KOSPI to a fresh record high, as investors reacted to renewed uncertainty surrounding the Middle East conflict. The KOSPI closed down 97.09 points, or 1.07%, at 8,966.75 after earlier surging as much as 3.55% to an all-time high.
Market sentiment weakened after planned talks between the United States and Iran in Switzerland were canceled, raising concerns about the stability of ongoing diplomatic efforts. Analysts said the cancellation triggered a broad market pullback after the strong opening rally.
Technology stocks showed mixed performance. Samsung Electronics declined 2.62%, erasing earlier gains, while SK Hynix managed to hold onto some advances, rising 2.27%. Major exporters also came under pressure, with Hyundai Motor falling 1.33% and Kia dropping 2.52%.
Losses extended across several sectors. Battery maker LG Energy Solution slipped 0.75%, steel giant POSCO Holdings fell 4.22%, and Samsung BioLogics dropped 5.38%. Market breadth remained weak, with only 44 stocks advancing compared to 865 decliners among the 918 issues traded.
Despite the broader market decline, foreign investors remained net buyers, purchasing shares worth 379.4 billion won ($246.65 million). Meanwhile, the South Korean won strengthened slightly to 1,538.5 per U.S. dollar.
In the bond market, yields moved higher as prices fell. The three-year Korean treasury yield rose 5.5 basis points to 3.812%, while the benchmark 10-year yield climbed 7.3 basis points to 4.188%, reflecting cautious sentiment among investors.
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