Asia
South Korean Shares Plummet as US-Iran Tensions Halt Winning Streak
South Korean shares snapped a five-session winning streak on Tuesday, with the Kospi and Kosdaq both sliding 2.3% as stalled geopolitical negotiations in the Middle East prompted widespread profit-taking.The Korea Composite Stock Price Index or Kospi decreased by 179.09 points, or 2.3%, to end at 7,643.15. The Kosdaq also declined by 28.05 points, or 2.3%, to close at 1,179.29.In corporate news, the head of Samsung Electronics' (KRX:005930) largest labor union, Choi Seung-ho, said a planned strike may be preventable if management improves transparency around compensation, citing growing distrust among employees and concerns over talent leaving for competitors.Cho criticized the company's discretionary bonus adjustment system as "opaque."Talks between the 70,000-member-strong union and management have resumed under the mediation of the Central Labor Relations Commission under South Korea's Ministry of Employment and Labor.The union has warned of an extended strike if negotiations fail and is pushing to remove caps on bonuses tied to company performance.Shares of the chipmaker fell over 2% at market close.In other news, CJ Seafood (KRX:011150) posted a first-quarter net loss attributable to shareholders of 1.29 billion won, swinging from an attributable net income of 231 million won a year earlier, according to a Tuesday filing with the Korea Exchange.Sales of the processed meat and seafood company were up 4.6% year over year to 55 billion won from 52.5 billion won.Shares of CJ Seafood fell more than 1% at market close.
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