SEOUL, May 12 (Yonhap) -- South Korean stocks turned lower late Tuesday morning ...
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SEOUL, May 12 (Yonhap) -- South Korean stocks turned lower late Tuesday morning after opening at a fresh peak of above 7,900 points and almost touching the unprecedented 8,000-point mark, as investors moved to take profit amid woes over little progress in peace talks between the United States and Iran.
After rising as high as 7999.67 shortly after the opening bell, the benchmark Korea Composite Stock Price Index (KOSPI) had fallen 114.4 points, or 1.46 percent, to 7,707.84 as of 11:20 a.m., after falling as low as to 7,421.71.
A dealing room at Hana Bank in Seoul on May 12, 2026 (Yonhap)
The KOSPI surged to an all-time high of 7,822.24 on Monday, ending above the 7,800 threshold for the first time in history, on the back of the extended rally of blue chip tech shares, including Samsung Electronics and SK hynix. It marked the fifth consecutive session the index gained ground.
Following the record-breaking run, investors moved to take profit amid heightened uncertainties surrounding the U. S.-Israeli war against Iran, currently in a fragile ceasefire.
Earlier in the day, Trump said he is considering renewing "Project Freedom," an initiative aimed at helping guide stranded vessels through the Strait of Hormuz amid the U. S.-Israeli war against Iran.
He also said the ceasefire with Iran was on "massive life support," while calling Iran's peace offer a "piece of garbage.
After starting 0.7 percent higher, market top-cap Samsung Electronics turned lower, losing 2.45 percent. Its chipmaking rival SK hynix also trimmed earlier gains, rising 1.06 percent as of 11:20 a.m.
Leading battery maker LG Energy Solution plunged 5.61 percent, and its smaller rival Samsung SDI nosedived 7.16 percent. AI investment firm SK Square dipped 3.62 percent.
Auto giant Hyundai Motor shed 0.98 percent, and its sister Kia slipped 4.01 percent.
Power plant manufacturer Doosan Enerbility dropped 1.48 percent, and defense giant Hanwha Aerospace went down 1.75 percent.
Financial shares were also weak, with KB Financial down 3.31 percent and Shinhan Financial losing 1.34 percent. Mirae Asset Securities plummeted 6.68 percent.
On the other hand, major shipbuilder HD Hyundai Heavy rose 2.48 percent, and Samsung Electro-Mechanics surged 6.67 percent.
The Korean won was trading at 1,485.2 won against the U. S. dollar at 11:20 a.m., sharply down 12.8 won from the previous session.
An electronic signboard at Hana Bank in central Seoul shows the Korea Composite Stock Price Index having breached the landmark 7,900-point mark during intraday trading on May 12, 2026. (Yonhap)
nyway@yna.co.kr(END)