South Korean Stocks Start Slightly Lower Amid U.S.-Iran Talks Uncertainty

SEOUL, April 22 (Yonhap) -- South Korean stocks started a tad lower Wednesday following a record-breaking rally, amid lingering uncertainties over U.S.-Iran peace talks. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.05 points, or 0.17 percent, to 6,377.42 in the first 15 minutes trading. After opening 0.01 percent lower, the index hit an all-time intraday high of 6,399.05 around 9:02 a.m., but soon turned lower again. With the end of a two-week ceasefire looming, investor sentiment weakened after Iran rejected a second round of negotiations and U.S. Vice President JD Vance put his trip to Pakistan on hold. U.S. stocks closed lower overnight. The Dow Jones Industrial Average fell 0.59 percent and the Nasdaq Composite declined 0.59 percent. After the closing bell, however, U.S. President Donald Trump said he would extend a ceasefire with Iran until Tehran submits a "unified" proposal. Major shares led the early decline. Chip giant SK hynix fell 0.98 percent and top carmaker Hyundai Motor dropped 1.47 percent. Leading battery maker LG Energy Solution lost 0.42 percent and major banking group KB Financial Group decreased 2.49 percent. However, top-cap Samsung Electronics rose 0.68 percent and defense giant Hanwha Aerospace added 1.51 percent. The local currency was trading at 1,476.1 won against the U.S. dollar at 9:15 a.m., down 7.6 won from the previous session.