Seoul Shares Down Amid US-Iran Ceasefire Uncertainties

(MENAFN- IANS) Seoul, April 9 (IANS) South Korean stocks lost ground late on Thursday morning as Washington and Tehran remained divided over the terms of a two-week ceasefire, including whether it includes ending Israel's offensive against Lebanon.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 57.93 points, or 0.99 percent, to 5,814 as of 11:20 am (local time), reports Yonhap news agency.

The United States and Iran reached a two-week ceasefire agreement on Tuesday (U.S. time), including the reopening of the crucial Strait of Hormuz.

Uncertainties surrounding tensions in the Middle East, however, continued as the U.S. and Iran were divided over whether the ceasefire includes ending Israel's offensive against Lebanon.

"Washington and Tehran are also at odds over Iran's uranium enrichment and jurisdiction over the Strait of Hormuz," Han Ji-young, an analyst at Kiwoom Securities, said.

Han noted that although the market is taking a breather, the South Korean stock market is not likely to experience any extreme volatility.

"With the U.S. market closing higher despite reports of disagreements during trading hours, the market is becoming more resilient to the war," Han added.

In Seoul, top market cap Samsung Electronics fell 2.38 percent, and SK hynix lost 2.42 percent.

Oil refiners traded higher as global crude prices rebounded amid geopolitical uncertainties, with SK Innovation rising 3.32 percent and S-Oil climbing 5.89 percent.

Carmakers traded mixed, with Hyundai Motor falling 0.98 percent, while its sister Kia added 1.07 percent.

Leading online search engine giant Naver slipped 0.99 percent, and Kakao shed 0.84 percent.

The local currency was trading at 1,479.9 won against the greenback at 11:20 a.m., down 9.3 won from the previous session.

-IANS

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