South Korean Stocks Slip Amid Middle East Peace Talk Uncertainty

SEOUL, April 22 (Yonhap) -- South Korean stocks traded lower late Wednesday morning following a record-breaking rally as uncertainty over Middle East peace talks persists. Opening 0.01 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) extended losses, dropping 18.44 points, or 0.29 percent, to 6,370.03 as of 11:20 a.m. The index reached an all-time high of 6,388.47 on Tuesday on hopes for progress in the U.S.-Iran peace talks and solid corporate earnings. Overnight, U.S. President Donald Trump said he would extend the ceasefire with Iran at Pakistan's request hours before its deadline, until a "unified proposal" from Tehran. The comment came after Vice President JD Vance put his trip to Pakistan on hold, while Iran has not formally announced whether it will join the talks in Islamabad. Semiconductor and bank shares traded in negative territory. Market bellwether Samsung Electronics fell 0.68 percent, and its chipmaking rival SK hynix declined 0.98 percent. Major banking groups KB Financial Group and Hana Financial Group lost 2.49 percent and 3.09 percent, respectively. Energy firm Doosan Enerbility dropped 1.86 percent, and steel giant POSCO Holdings decreased 1.42 percent. However, defense companies were strong as industry leader Hanwha Aerospace rose 1.51 percent and LIG D&A soared 10.89 percent. The Korean won was quoted at 1,478.35 won against the U.S. dollar, down 10.05 won from the previous session.