stocks-summary

KOSPI snaps 4-day winning streak on AI rally pause, renewed Iran tensions

SEOUL, May 28 (Yonhap) -- South Korean stocks snapped their four-day winning streak Thursday as artificial intelligence (AI)-related shares took a breather following their recent rally and on renewed tensions between the United States and Iran.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 43.41 points, or 0.53 percent, to close at 8,185.29, after dipping as low as 7,841.01.

The index closed at a record high of 8,288.7 on Wednesday, extending its winning streak to the fourth consecutive session on the back of a strong rally led by major semiconductor shares, including Samsung Electronics and SK hynix. The landmark 8,000-point feat was achieved Tuesday.

The KOSPI, however, lost ground as blue chip shares took a breather after their recent rally on profit taking sentiment and news that the U.S. carried out strikes targeting an Iranian military site, dampening hopes for an imminent peace deal between the two sides.

Following the U.S. attack, Iran also targeted strikes on a U.S. air base, driving up global oil prices.

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