Seoul stocks open sharply lower on renewed Mideast tensions

Korean stocks opened sharply lower on Friday on increased risk-off sentiment following renewed concerns over tensions in the Middle East. After opening 2.93 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) fell 165.49 points, or 3.03 percent, to 5,294.97 in the first 5 minutes of trading. Overnight, U.S. markets suffered a sharp drop, as U.S. President Donald Trump gave mixed signals about where Washington stands in its negotiations with Iran. On Thursday (local time), Trump warned Iranian negotiators they "better get serious soon, before it is too late," only to later say that the U.S. and Iran are having very "substantial talks." The White House also announced it will extend a pause on Iranian power plants and energy infrastructure until April 6. The S&P500 fell 1.74 percent while the tech-heavy Nasdaq retreated 2.38 percent.

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