Lee Seong

Seoul shares closed lower Friday, snapping a six-session winning streak as investors locked in profits in technology and other large-cap stocks following recent gains. The Korean won sharply fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 63.14 points, or 1 percent, to finish at 6,244.13. The index still enjoyed a weekly gain of 7.5 percent.

Trading volume was heavy at 1.14 billion shares worth 52.94 trillion won (US$36.8 billion), with decliners far outnumbering gainers 625 to 264.

The KOSPI has remained in a bullish phase since the start of the year, surpassing the 4,500-point level for the first time on Jan. 6 and crossing the 5,000-point mark on Jan. 27. It broke through the 6,000-point level Wednesday, less than a month later.

On Thursday, the index jumped 3.67 percent to finish at a record high of 6,307.27.

Institutional and retail investors purchased a net 491.99 billion won and 6.08 trillion won worth of shares, respectively, while foreign investors sold a net 6.83 trillion won.

Analysts said the decline mirrored overnight losses in U.S. technology stocks, where investors engaged in profit-taking despite strong earnings from Nvidia Corp.

The tech-heavy Nasdaq Composite fell 1.18 percent, while the Dow Jones Industrial Average edged up 0.03 percent.

“Some investors sold shares to lock in profits after the market had rallied sharply over the past six sessions,” Lee Seong-hoon, an analyst at Kiwoom Securities Co., said.

Technology stocks led the declines.

Market bellwether Samsung Electronics fell 0.69 percent to 216,500 won, and its chipmaking rival SK hynix declined 3.46 percent to 1,061,000 won.

Leading shipbuilder HD Hyundai dropped 1.02 percent to 292,500 won, and leading shipping firm HMM shed 4.26 percent to 21,350 won.

Among gainers, top carmaker Hyundai Motor jumped 10.67 percent to an all-time high of 674,000 won, and defense firm Hanwha Aerospace climbed 0.08 percent to 1,195,000 won.

Leading steelmaker POSCO Holdings jumped 1.35 percent to 413,000 won, and No. 2 steelmaker Hyundai Steel surged 19.85 percent to 46,500 won.

The Korean won was quoted at 1,439.70 won against the U.S. dollar at 3:30 p.m., down 13.9 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 2.1 basis points to 3.041 percent, and the return on the benchmark five-year government bonds declined 3.6 basis points to 3.278 percent.

Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.

North Korea appears to have entered the stage of designating leader Kim Jong-un’s daughter Ju-ae as the successor, the spy agency was quoted as saying by lawmakers Thursday, marking a stepped-up assessment from its earlier evaluation of her as the “most likely successor.”

The National Intelligence Service (NIS) cited signs of Ju-ae expressing her views on certain state policies as one of the grounds for its latest assessment during a closed-door briefing to the parliamentary intelligence committee, Reps. Park Sun-won and Lee Seong-kweun told reporters.

“As Kim Ju-ae has shown her presence at various events, including the founding anniversary of the Korean People’s Army and her visit to the Kumsusan Palace of the Sun, and signs have been detected of her voicing her opinion on certain state policies, the NIS believes she has now entered the stage of being designated as successor,” Lee said.

Lee said the latest assessment marked a step forward from the agency’s previous views when it described Ju-ae as being “trained” to become a successor, to now assessing her as being at the stage of “successor designation.”

The NIS also said it will keep close tabs on whether she attends the North’s key party congress late this month.

In January 2024, the NIS assessed Ju-ae, believed to be born in 2013, as the North’s “most likely successor” in its first evaluation of her possible succession in the reclusive regime.

Earlier in January, Ju-ae paid tribute at the Kumsusan Palace of the Sun, the Kim family’s mausoleum, for the first time, together with her parents amid growing speculation about her potential succession.

If Ju-ae appears at the party congress or is awarded with an official title at the event, speculation about her being groomed as Kim’s successor will likely gain traction.

Meanwhile, on talks between the United States and North Korea, the NIS noted, “There is a possibility that North Korea could respond to dialogue with the U.S. if certain conditions are met.

“North Korea has expressed dissatisfaction with the U.S. over the South Korea-U.S. fact sheet or the deployment of U.S. strategic assets on the Korean Peninsula, but it has not ruled out the possibility of talks with the U.S. and has refrained from criticizing President Donald Trump,” the spy agency said.

The NIS also noted that the North has refrained from firing intercontinental ballistic missiles (ICBMs) apparently to avoid provoking Trump, who is sensitive to such missile launches.

Around 10,000 North Korean combat troops and 1,000 engineer troops are currently deployed in the front-line Kursk region of Russia to support Moscow’s war with Ukraine, the spy agency said, with an estimated 6,000 North Korean soldiers killed or injured.

Some 1,100 combat and engineer troops that returned to the North last December could be dispatched again, it added.

“Despite suffering 6,000 casualties, the North Korean military has achieved the results of acquiring modern combat tactics and data in the battlefield, as well as upgrading its weapons systems with technical assistance from Russia,” the NIS said.

The agency also noted that Pyongyang has established a new department on unmanned aerial vehicles and is accelerating efforts to set up a system capable of developing and mass-producing drones.

As for inter-Korean relations, the NIS said North Korea is continuing to maintain its rhetoric of defining the two Koreas as “two hostile states,” adding that it has recently given guidelines to its officials and overseas missions to avoid engagement with South Korea.

On North Korea’s ties with China, the agency said they have “not gained momentum yet.”

“Although trade between North Korea and China reached US$3 billion last year, the highest in six years, this is only half the level before the imposition of sanctions,” it said.

Meanwhile, the intelligence committee discussed the issue of repatriating two North Korean soldiers held by Ukrainian forces.

The government is making every effort to assist their defection to South Korea as they have expressed their willingness to defect to the South, the NIS said.