(LEAD) Seoul stocks slide over 3 pct on profit-taking amid persistent AI woes
SEOUL, Oct. 22 (Yonhap) -- South Korean shares plunged more than 3 percent Thurs...
South Korean stocks experienced a significant decline of over 3 percent on October 22, as investors took profits from major chip shares following a previous session's rebound. The primary concern behind the market's reaction was the ongoing focus on artificial intelligence (AI) investments, which raised doubts about profitability amid substantial AI-related expenditures.
The Korea Composite Stock Price Index (KOSPI) closed at 5,533.77, marking a 3.52 percent decrease. Notably, the Korean won strengthened against the U.S. dollar during the session. Tech giants like Samsung Electronics and SK hynix, which are key players in the AI value chain, saw substantial losses, with Samsung Electronics falling 4.03 percent and SK hynix declining 5.49 percent.
Analysts attributed the market's downturn to profit-taking and concerns over the sustainability of AI investments.
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