The benchmark KOSPI fell 0.9% to around 6,330 on Wednesday, pulling back after a record high, as stalled US-Iran peace talks and elevated oil prices weighed on sentiment. Investor caution persisted despite Donald Trump extending the ceasefire, as Iran refused to resume negotiations, keeping geopolitical risks and energy costs elevated for South Korea’s import-dependent economy. Domestic inflation concerns added pressure as producer prices rose 1.6% in March, the fastest pace in nearly four years, driven by a 31.9% jump in petroleum products and a 6.7% rise in chemicals. At the same time, earnings pressure added to the downside, with Hyundai Motor and Kia Corporation expected to post over 20% declines in operating profit as US tariffs and higher FX-linked warranty costs offset solid sales. Losses were led by Samsung Electronics (-0.9%), SK Hynix (-1.5%), Hyundai Motor (-2.0%), SK Square (-2.2%), Doosan Enerbility (-2.1%), Kia Corporation (-1.0%), and KB Financial Group (-2.1%).