KOSPI retains 8,000 level despite renewed US-Iran conflict

The benchmark KOSPI dipped Thursday amid renewed U.S.-Iran tensions but held firm above 8,000 after a record-setting two-session rally that pushed the index beyond 8,200. KOSPI opened 62.97 points, or 0.77 percent, lower at 8,165.73 and finished the session at 8,185.29, down 43.41 points, or 0.53 percent, from the previous trading day. The index briefly tumbled to an intraday low of 7,841.01 amid aggressive selling by foreign investors of market heavyweights Samsung Electronics and SK hynix before recouping most of its losses on the back of strong retail buying. Investor sentiment deteriorated as renewed U.S.-Iran tensions overshadowed expectations for a ceasefire breakthrough. Concerns intensified after Iran’s Islamic Revolutionary Guard Corps was reported to have launched attacks on U.S. military bases in Kuwait in response to recent U.S. strikes in southern Iran. Seo Sang-young, an analyst at Mirae Asset Securities, said Asian stock markets, including Korea, extended losses as investors priced in escalating tensions between Washington and Tehran. “The latest developments drove inte

Original source: Korea Times