KOSPI plunges 3.65% despite Samsung's record earnings
KOSPI slid 3.65 percent Monday, falling below 6,400 as its losing streak stretched to four consecutive sessions. The benchmark index has shed 619.50 points, or 8.85 percent, since Oct. 6. After losing the 7,000 mark earlier in that stretch, it breached both the 6,500 and 6,400 levels on Monday. Persistent selling by foreign investors has weighed on KOSPI, leaving it struggling to recover even…
The Korean benchmark stock index, KOSPI, experienced a significant decline of 3.65 percent on Monday, dropping below 6,400 points as its losing streak continued for four days. The index has lost 619.50 points, or 8.85 percent, since October 6. Following the breach of the 7,000 mark earlier in the period, it fell below both the 6,500 and 6,400 levels on Monday.
Persistent selling by foreign investors has contributed to the downward pressure on the KOSPI, making it difficult for the benchmark to recover even after Samsung Electronics announced record earnings last Thursday.
Opening at 6,578.17, or 47.76 points lower than its previous close, the index extended its losses and closed at 6,384.24, a decline of 241.69 points, or 3.65 percent. This marked the benchmark's largest single-day percentage drop since September 2, when it fell by 3.99 percent. Samsung Electronics and SK hynix, the market's two leading chip stocks, fell by 4.39 percent and 4.52 percent, respectively, further adding to the KOSPI's decline.
Analyst Kim Seok-hwan from Mirae Asset Securities attributed the pressure on the two chip heavyweights to renewed concerns about an artificial intelligence (AI) bubble following reports about OpenAI.
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- KOSPI plunges 3.65% despite Samsung's record earnings koreatimes.co.kr
