Seoul stocks trade sharply lower Friday morning on profit-taking
Korean stocks traded sharply lower late Friday morning as investors offloaded major chip shares to take profits following overnight losses in U.S. artificial intelligence (AI) and semiconductor stocks. After opening 2.36 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) shed 135.29 points, or 2.44 percent, to 5,398.48 as of 11:20 a.m. Overnight, U.S. stocks closed mixed, with…
Korean stocks plummeted early Friday, with investors cashing in on major chip shares after a drop in U.S. artificial intelligence and semiconductor stocks the previous night. The Korea Composite Stock Price Index (KOSPI) fell 2.44 percent, or 135.29 points, to 5,398.48 by 11:20 a.m. The U.S. market closed mixed, with the Dow Jones Industrial Average up 0.02 percent, the S&P 500 down 1.21 percent, and the tech-focused Nasdaq Composite slipping 2.6 percent.
Micron Technology dropped 6.26 percent, while Nvidia and Intel fell 4.4 percent and 8.04 percent, respectively. Major semiconductor companies, Samsung Electronics and SK hynix, also declined, with the latter's shares recovering slightly after announcing it would postpone listing its U.S. subsidiary, Solidigm. AI investment firm SK Square saw a 0.4 percent decline following the news. Solidigm, a key player in the sector, saw its stock price slip further amid the market volatility.
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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