Seoul stocks down over 5 pct late Fri. morning on tech losses amid AI concerns
SEOUL, Oct. 30 (Yonhap) -- South Korean stocks sank more than 5 percent late Fri...
South Korean stocks experienced a significant downturn on Friday morning, with the benchmark KOSPI index falling 5.25 percent to 5,626.02, as of 11:20 a.m. The decline was primarily driven by heavy losses in technology shares, reflecting growing concerns about the viability of the artificial intelligence (AI) surge. The market's slide followed a decline on Wall Street, where fears surrounding inflated AI-related valuations dampened investor confidence.
In response to the market's sharp decline, the Korea Exchange initiated a sell-side sidecar, suspending program trading for five minutes for KOSPI-listed shares, for the first time in 11 trading days.
Among the hardest-hit stocks were Samsung Electronics, which dropped 6.03 percent, and SK hynix, falling 8.65 percent. Furthermore, leading automaker Hyundai Motor saw a 3.76 percent decline after announcing a reduction in its annual sales target and investment plans due to a tough business climate. Additionally, defense firm Hanwha Aerospace experienced a substantial 12.24 percent drop following the release of weaker-than-anticipated third-quarter earnings, attributed to delays in the delivery of K9 self-propelled howitzers to Poland.
As of 10:20 a.m., the Korean won was trading at 1,337.8 won per U.S. dollar, marking a 1.7 won increase from the previous session's close.
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