Seoul stocks extend losses as AI, US inflation concerns persist
Seoul stocks were trading sharply lower late Thursday morning as concerns over artificial intelligence (AI) trade and U.S. inflation data sparked a sell-off of major tech shares. The benchmark Korea Composite Stock Price Index (KOSPI) fell 404.21 points, or 6.73 percent, to 5,604.6 as of 11:20 a.m. In early trading, the benchmark index had fallen over 5 percent, triggering the country's bourse…
Seoul's stock market plunged on Thursday as worries about artificial intelligence and U.S. inflation weighed heavily on major technology companies. The Korea Composite Stock Price Index (KOSPI) dropped 404.21 points, or 6.73 percent, to 5,604.6 by 11:20 a.m. local time. The index had initially fallen over 5 percent in early trading, prompting the bourse operator to temporarily halt trading for five minutes.
Earlier, U.S. stocks had declined amid uncertainties surrounding AI spending and September consumer price figures, which dampened investor confidence. The U.S. Consumer Price Index (CPI) for September increased by 0.6 percent compared to the previous month, marking the highest rate since April, according to official data released on Wednesday.
In Seoul, most top-performing stocks were also experiencing losses. Samsung Electronics and SK hynix, both major chip manufacturers, saw their stocks plummet by 7.87 percent and 9.87 percent, respectively. Industry leader Hyundai Motor experienced a 5.1 percent drop, while financial firm KB Financial fell 1.13 percent, and defense giant Hanwha Aerospace experienced a 1.54 percent decline.
Despite the widespread market sell-off, there were a few bright spots.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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