Seoul stocks extend losses late Tues. morning amid AI concerns
SEOUL, Oct. 20 (Yonhap) -- Seoul stocks were trading sharply lower late Tuesday ...
Seoul stocks experienced a significant decline in early Tuesday trading due to concerns surrounding investments in the artificial intelligence value chain, which led to a sell-off in major chip shares. The Korea Composite Stock Price Index (KOSPI) fell by 136.06 points, or 2.36 percent, to reach 5,631.95 at 11:20 a.m. local time.
After opening 0.6 percent lower, the index plunged to an intraday low of 5,493.24 before showing some recovery. Overnight, U.S. stocks ended mixed, with technology shares recovering from their worst weekly drop since June. The Dow Jones Industrial Average decreased by 0.07 percent, while the S&P 500 rose by 0.41 percent and the tech-heavy Nasdaq Composite Index gained 1.11 percent, closing at 26,430.89.
Chipmakers Samsung Electronics Co. and SK hynix Inc. both saw declines of 1.03 percent and 2.74 percent, respectively. Conversely, Samsung Electro-Mechanics Co., an electronics components subsidiary of Samsung Electronics, managed to gain 2.48 percent after opening lower. At 11:20 a.m., the Korean won was trading at 1,327.6 per U.S. dollar, up 5.5 won from the previous session's close.
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- Seoul shares open lower after rebound amid AI concerns koreatimes.co.kr
