The KOSPI rose at the open on the 24th, topping 6,500 points for a second straight day. But the index turned lower right after the market opened. It is seen as a "breather" as profit-taking emerges.
As of 9:40 a.m., the KOSPI was trading around 6,460, down about 10 points from the previous session. The KOSPI opened at 6,496.10, up 20.29 points (0.31%) from the day before, and climbed to as high as 6,516.54 right after the open.
In the main bourse, individuals and institutions are net buying 145.5 billion won and 231.2 billion won, respectively, helping to stave off the index's decline. Foreign investors are net selling 383.8 billion won.
Heavyweights by market cap on the main bourse are mixed. Samsung Electronics and Hyundai Motor are down around 1% and 3%, respectively, while SK hynix, LG Energy Solution, and Doosan Enerbility are rising.
At the same time, the KOSDAQ was up 8.65 points (0.74%) at 1,182.96. On the KOSDAQ, foreigners are the only net buyers as individuals and institutions sell.
Overnight, New York stocks fell across the board on Middle East–driven geopolitical risks. The drop came as the two sides, which extended a cease-fire and entered protracted talks, showed signs of renewed conflict.
As the United States and Iran remain in a maritime standoff over control of the Strait of Hormuz, tensions are escalating with merchant ship seizures and even military clashes.
On the 23rd (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 49,310.32, down 179.71 points (0.36%) from the previous session. The Standard & Poor's (S&P) 500 fell 29.50 points (0.41%) to 7,108.40, and the Nasdaq composite shed 219.06 points (0.89%) to 24,438.50.
International oil prices also jumped. Brent for June settled at $105.07, up 3.1% from the previous session. West Texas Intermediate (WTI) for June rose 3.11% to $95.85 per barrel. Over the past four trading days, Brent and WTI have surged 16.25% and 14.31%, respectively.
U.S. President Donald Trump wrote on the social network Truth Social, "I have ordered the U.S. Navy to fire upon and kill any vessel, no matter how small, that attempts to lay mines in the strait."
Earlier, Iran objected to the U.S. maritime blockade against Iran and refused the second round of end-of-war talks. After the cease-fire, reports also said the air defense network was activated in Tehran, the Iranian capital.
The U.S. president, Trump, issued a statement after meeting with senior delegations from both countries at the White House, saying Israel and Lebanon agreed to extend their cease-fire by three weeks.