South Korean stocks opened lower on Monday after the Chuseok holiday, with the Kospi falling 23.06 points or 0.33% to 7,057.86 in the first minutes of trading despite gains on Wall Street.
The decline came as investors weighed hopes of a diplomatic breakthrough in the Iran conflict, which pushed oil prices lower.
The Kospi had extended its winning streak to a fourth session on Wednesday before the market closed on Thursday and Friday for the Chuseok holiday.
On Wall Street, the Dow Jones Industrial Average rose 0.93% on Friday, while the S&P 500 gained 0.51% and the Nasdaq Composite advanced 0.48%, supported by technology and industrial stocks.
Brent crude settled at around US$104 a barrel following reports that Iran had proposed a plan to end the conflict.
The weaker opening leaves the Kospi below the 7,100 level after the benchmark closed at 7,080.92 on Wednesday, when it gained 1.21%.
Investors are now assessing market developments during the Chuseok break, including geopolitical risks, oil prices and the direction of global equities.
