Seoul shares open lower as U.S. bond yields climb again

Seoul shares opened lower on Friday, mirroring the declines on Wall Street, as U.S. Treasury yields rose and higher oil prices dampened investor confidence. The Korea Composite Stock Price Index, or KOSPI, fell by 92.63 points, or 1.35 percent, to 6,759.95 at the opening of trading. U.S. Treasury yields climbed again on Thursday, reversing much of the previous day's decline after the U.S. Treasury announced an expanded bond buyback plan.

However, investors' optimism was short-lived, as they grew doubtful that the expanded buybacks would provide lasting relief from the increasing long-term borrowing costs. Overnight, major U.S. stock indices suffered losses, with the Dow Jones Industrial Average falling by 1.32 percent and the S&P 500 declining by 0.87 percent. The tech-focused Nasdaq Composite Index also dropped by 1 percent.

The downward pressure on stocks was further exacerbated by higher oil prices, with Brent crude oil surging more than 2 percent due to renewed tensions between the U.S. and Iran.