KOSPI falls as oil prices jump, but retains 7,000

The KOSPI, South Korea's key stock index, experienced a slight decline on Thursday due to a spike in global oil prices driven by Middle Eastern geopolitical tensions, yet it managed to stay above the 7,000 threshold. The index finished the day at 7,033.92, marking a 0.25 percent drop from the prior day's close. At the opening bell, the KOSPI was 0.18 percent lower, but it later surged to a high of 7,072.79 before retracing to 6,898.45.

Throughout the trading session, the index hovered around the 7,000 level as a decrease in institutional selling helped stabilize the market. Foreign investors offloaded a net 2.48 trillion won ($1.85 billion) worth of shares, while domestic retail and institutional investors bought shares in the amounts of 380 billion won and 433.5 billion won, respectively.

SK hynix and Samsung Electronics both saw a decline in their stock prices, falling 0.16 percent to 1.853 million won and 0.19 percent to 269,000 won, respectively. The secondary Kosdaq index, on the other hand, saw a rise of 0.79 percent, closing at 836.92. Despite the surge in U.S. semiconductor shares following Meta's announcement of its AI model, Muse, external risks continued to exert pressure on the stock market.

With no imminent negotiations between Iran and the United States, international oil prices remained elevated. West Texas Intermediate (WTI) oil prices, a key indicator of global oil prices, also saw a rise.