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Korean stocks touch record high but snap 3-day winning streak at close

Published: 30 Apr. 2026, 17:07

An electric display board shows Kospi at 6,598.87 in Hana Bank's dealing room in Jung District, central Seoul, on April 30. [YONHAP]

Seoul stocks dipped by more than one percent on Thursday to snap a three-day winning streak, after touching a fresh all-time high, as investors cashed in gains amid a sharp rise in international oil prices.

After choppy trading, the benchmark Kospi fell 92.03 points, or 1.38 percent, to end at 6,598.87, after rising as high as 6,750.27.

Trade volume was heavy at 676.2 million shares worth 34.7 trillion won ($23.4 billion), with losers outnumbering winners 666 to 193.

Foreigners sold off a net 1.45 trillion won worth of local shares, while retail investors and institutions purchased 1.19 trillion won and 283.8 billion won, respectively.

The index opened higher after Korean tech giant Samsung Electronics posted record quarterly earnings in the first three months of this year, and four U.S. tech giants — Alphabet, Amazon, Meta Platforms and Microsoft — reported stronger-than-expected first quarter earnings, fueling hopes the AI sector will continue its boom.

But the Kospi turned lower on profit-taking and lingering concerns over the persisting conflict in the Middle East.

Brent crude, an international oil benchmark, spiked 6.1 percent to $118.03 per barrel, and the West Texas Intermediate price also jumped 6.95 percent to $106.88 per barrel, after U.S. President Donald Trump said he will not lift a naval blockade of Iran until a nuclear deal is secured with Tehran.

Drone view of oil tanker Helga berthed at one of Iraq's southern offshore oil terminals near Basra as it prepares to load crude oil, becoming the second vessel to arrive since the closure of the Strait of Hormuz, on April 24. [REUTERS/YONHAP]

Overnight, major U.S. indexes closed mixed, with the Dow Jones Industrial Average down 0.57 percent and the S&P 500 losing 0.04 percent, while the tech-heavy Nasdaq composite rose 0.04 percent.

The decline was also affected by the U.S. Federal Reserve's decision to hold its benchmark interest rate steady for the third consecutive time at the 3.5-3.75 percent range, Lee Kyoung-min, an analyst at Daishin Securities, said.

"Investors' appetite was sapped as the market interpreted the latest Federal Open Market Committee meeting as showing a hawkish stance," Lee said.

The Fed froze its rate, citing elevated inflation and heightened economic uncertainty stemming from the Middle East crisis.

Samsung Electronics flag, left, and SK hynix's Icheon headquarters in Gyeonggi [YONHAP]

Most big-cap shares lost ground.

Samsung Electronics, the world's leading memory chipmaker, kicked off higher after a robust earnings report, but closed 2.43 percent lower at 220,500 won. Its chipmaking rival SK hynix lost 0.54 percent to 1.29 million won.

Top automaker Hyundai Motor slid 4.5 percent to 531,000 won, and its sister Kia slipped 3.25 percent to 151,800 won.

Leading battery maker LG Energy Solution dipped 2.64 percent to 460,500 won, and its rival Samsung SDI dropped 2.39 percent to 695,000 won.

On the other hand, electrical shares gained ground, with Samsung Electro-Mechanics up 0.6 percent to 832,000 won, and LS Electric rising 1.83 percent to 278,000 won.

Doosan Robotics spiked 7.83 percent on news that it is pushing for technology cooperation with AI chip giant Nvidia, and K-pop powerhouse Hybe jumped 4.16 percent to 263,000 won on robust first-quarter earnings.

The Korean won weakened by 4.3 won compared to the previous session, trading at 1,483.3 won against the dollar at 3:30 p.m.

Yonhap