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South Korean Shares Remain in Red Despite Positive US-Iran Peace Progress

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South Korean shares closed in the red on Thursday despite positive progress made during the US and Iran dialogue in Doha.

In an official post on X, Pakistan's Ministry of Foreign Affairs revealed the two parties agreeing to continue discussions following the funeral procession of the former Iranian Supreme Leader.

The benchmark Korea Composite Stock Price Index, or Kospi, fell by 8%, or 655.32 points, to close at 7,648.09. The Kosdaq, fell by 7.7%, or 62.63 points, to end at 866.72.

On the corporate front, Hanwha Ocean (KRX:042660) said it was named the preferred bidder for the design and lead ship construction of the KDDX commissioned by South Korea's Defense Acquisition Program Administration.

The Korea Destroyer Next Generation (KDDX) program aims to build six next-generation Navy destroyers using locally developed technologies. The project is estimated to be worth 7.8 trillion won, or $5.1 billion, according to a The Korea Times report.

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