South Korean shares closed nearly 1% lower on Friday as investors sought to book profit after two days of consecutive gains. In addition, uncertainty on the US tariffs front also led to the sell-off.
The uncertainty came after a federal appeals court temporarily reinstated US President Donald Trump's broad tariffs on Thursday, pausing a lower court's block to review the government's appeal. Plaintiffs must respond by June 5, and the administration by June 9.
The Korea Composite Stock Price Index or Kospi fell by 22.97 points, or 0.8%, to close at 2,697.67. The Kosdaq also decreased by 1.94 points, or 0.3%, to close at 734.35.
In economic news, South Korea's overall industrial output increased 0.9% in April, following a 2.9% rise in the previous month, according to data from Statistics Korea released Friday.
A Reuters poll estimated industrial production to have increased 0.5% in the month.
Manufacturing, service, construction, and public administration indices fell in April from the previous month.
Total industrial production increased by 4.9% in April from the same month last year, after a 4.4% gain in March on a yearly basis.
In corporate news, prosecutors from the Seoul Southern District Prosecutors' Office raided entertainment giant Hybe's (KRX:352820) Seoul headquarters as part of an insider trading probe into an executive accused of making 240 million won using non-public information.
Shares of Hybe fell more than 2% at market close on Friday, while those of YG Plus declined nearly 3%.
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