Asian Markets Mixed as Kospi Hits Record High

JAKARTA, CNBC Indonesia — Asian stock markets moved variably in early trading as investor optimism grew over potential progress in US-Iran negotiations. South Korea’s main index set a new record, surging to an all-time high of 8,094.90. Meanwhile, the Kosdaq small-cap index rose 2.12%. In Japan, the Nikkei 225 fell 0.18% after previously breaking the psychological 65,000 level for the first time the day before. The Topix index also declined 0.36% amid investor profit-taking, while Australia’s S&P/ASX 200 fell 0.17% at the start of trading. Hong Kong’s Hang Seng index futures also traded lower compared to last week’s closing level. Citing CNBC International, positive sentiment in Asian markets emerged after US President Donald Trump said talks with Iran were ‘going well’ and showing positive developments. However, Trump also warned that the US could launch strikes if negotiations fail to yield results. Expectations of easing geopolitical tensions also influenced global oil prices. July WTI futures dropped 5.37% to $91.41 per barrel, while Brent crude rose about 1.75% to $97.82 per barrel. As a sign of the fragility of the talks, US Central Command (CENTCOM) said it carried out a ‘defensive strike’ targeting Iranian missile launch sites and vessels attempting to lay mines off southern Iran. As the conflict continues, Tehran appears to have ‘backed down’ on the Strait of Hormuz, according to former CIA director David Petraeus, who told CNBC’s Lisa Kim at the UBS Asia Investment Conference on Monday. In the US, Wall Street futures rose. S&P 500 futures climbed 0.78%, Nasdaq-100 futures gained 1.14%, and Dow Jones futures surged around 371 points, or 0.73%. US stock trading was closed on Monday due to the Memorial Day public holiday.