Kospi blips down 0.13% on revived Middle East uncertainties

Seoul stocks took a breather Friday after enjoying a surge for the past six consecutive days, as investors cashed out their gains built on an AI boom amid revived Iran uncertainties.

After choppy trading, the benchmark Kospi fell 11.42 points, or 0.13 percent, to 9,052.42 after rising as high as 9,385.59.

Trade volume was heavy at 511.1 million shares worth 65.3 trillion won ($42.7 billion). Losers outnumbered winners 115 to 784.

Retail investors were net buyers, purchasing 1.7 trillion won. Institutional and foreign investors net sold a combined 1.6 trillion won.

After opening sharply higher on a chip rally, the index temporarily slipped into negative territory in the afternoon on news that planned talks following up on the deal to end the Iran war had been postponed.

The news came after the White House said Vice President JD Vance was delaying his planned trip to Switzerland for direct talks with Iran.

Lee Kyoung-min, an analyst at Daishin Securities, said investors are anticipating that a chip bottleneck could push up demand and prices, helping stock prices further rise.

Market top-cap Samsung Electronics fell 2.34 percent to 354,000 won, while industry rival SK hynix added 2.94 percent to 2,764,000 won.

Top carmaker Hyundai Motor advanced 2 percent to 613,000 won, and battery maker LG Energy Solution closed up 1.12 percent to 404,500 won, while defense giant Hanwha Aerospace dipped 5.63 percent to 1,122,000 won.

Bio firms finished lower on profit-taking.

Samsung Biologics fell 3.92 percent to 1,374,000 won, and Celltrion slid 1.9 percent to 170,300 won.

The Korean won strengthened by 0.1 won to trade at 1,527 won against the dollar from the previous session. 

Yonhap