KOSPI opens lower amid AI rally pause, mixed US-Iran signals

Korean stocks opened lower Thursday as a rally led by artificial intelligence (AI) took a breather as tensions increased again on news that U.S. launched fresh strikes against Iran. The benchmark Korea Composite Stock Price Index (KOSPI) fell 113.09 points, or 1.37 percent, to 8,115.61 in the first 15 minutes of trading. The index closed at a record high of 8,288.7 on Wednesday, extending its winning streak to the fourth consecutive session on the back of a strong rally led by major semiconductor shares, including Samsung Electronics and SK hynix. The landmark 8,000-point feat was achieved Tuesday. The KOSPI, however, started weak as blue chip shares took a breather after their recent rally and on news that the U.S. carried out new strikes targeting an Iranian military site, dampening hopes for an imminent peace deal between the two sides. Overnight, major U.S. indexes closed at record highs over prospects that the war between the U.S. and Iran is nearing an end after an Iranian media company reported a draft interim deal between the two sides, which included the reopening of the Strait

Original source: Korea Times