SEOUL, April 17 (AJP) - Asian markets traded lower Friday as recent rally momentum faded, with investors weighing mixed signals from the Gulf over whether the conflict may begin to wind down through renewed U.S.-Iran talks and separate negotiations between Israel and Lebanon.
Japan’s Nikkei 225 fell 0.98 percent to 58,937.04, Hong Kong’s Hang Seng Index lost 0.81 percent to 26,180.23 and China’s Shanghai Composite slipped 0.18 percent to 4,048.38.
South Korea’s benchmark KOSPI opened higher and moved in a narrow range around the 6,200 level in early trading before turning lower, shedding 0.42 percent to 6,199.97.
Despite the broader weakness, Samsung Electro-Mechanics climbed to a fresh record high. As of 10:30 a.m., the stock had surged 6.26 percent from the previous session to 679,000 won, extending gains for an eighth straight session since April 8.
The rally reflected growing expectations of an industry upturn, with improving earnings prospects in multilayer ceramic capacitors (MLCCs) and flip-chip ball grid array (FC-BGA) products underpinning investor sentiment.
The company’s market capitalization rose to 50.79 trillion won, lifting it to 12th on the KOSPI from 21st at the start of the month.
Among chipmakers, Samsung Electronics slipped 0.23 percent to 217,000 won, while SK hynix fell 0.95 percent to 1,144,000 won. Samsung Biologics also declined 0.80 percent to 1,603,000 won.
In the industrial sector, Hanwha Aerospace dropped 5.27 percent to 1,439,000 won, while Doosan Enerbility lost 1.90 percent to 108,700 won.
Automakers were mixed. Hyundai Motor traded flat at 534,000 won, while Kia edged down 0.25 percent to 157,500 won.
Financial stocks posted limited gains, with KB Financial Group rising 0.25 percent to 162,700 won.
Elsewhere, LG Energy Solution added 0.36 percent to 417,500 won, while SK Square rose 0.14 percent to 691,000 won.
The KOSDAQ swung between gains and losses before edging up 0.05 percent to 1,163.56 as of 10:59 a.m.
Among biotech names, Alteogen fell 0.54 percent to 367,500 won, Samchundang Pharm dropped 3.66 percent to 486,500 won, HLB declined 3.61 percent to 61,400 won and LigaChem Biosciences slid 2.42 percent to 193,200 won.
Among gainers, Ecopro rose 1.94 percent to 152,100 won, Ecopro BM gained 1.46 percent to 208,000 won and Koh Young Technology advanced 2.12 percent to 111,000 won.
The Korean won also weakened slightly against the dollar, with the greenback trading at 1,478.30 won, compared with the previous close of 1,474.60 won.
Overnight on Wall Street, major indexes ended higher on expectations for a potential second round of U.S.-Iran ceasefire talks this weekend, along with news that Israel and Lebanon had agreed to a 10-day truce, lifting investor sentiment.
The S&P 500 and the Nasdaq Composite rose 0.26 percent and 0.36 percent, respectively, both extending record highs for a second straight session. The Dow Jones Industrial Average also added 0.24 percent.
The Nasdaq has now risen for 12 consecutive sessions, marking its longest winning streak since 2009.
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