[Closing Market] KOSPI Plunges Below 5,400 on Blue Wave Fears
On Thursday, Nov. 5, the domestic stock market closed with a historic plunge, failing to withstand the storm of concerns over artificial intelligence (AI) and large tech stock regulations (the so-called Blue Wave shock) that struck in tandem with the ballot counting results of the U.S. midterm elect
On November 5, the Korean stock market experienced a historic plunge, with the KOSPI index falling below the 5,400 mark due to concerns over AI and large tech stock regulations. The index started the day at 5,580.09 points and plummeted 5.28% to close at 5,383.80 points, breaking the 5,400 defense line. The Korea Composite Stock Price Index (KOSDAQ) also declined, opening at 714.95 points and closing at 678.41 points, surrendering the 680 mark.
Foreign investors were primarily responsible for the market's decline, recording a net sell-off of approximately 3.4 trillion won in the KOSPI market alone. Despite retail and institutional investors attempting to defend the index, their efforts were largely insufficient. The semiconductor sector, particularly Samsung Electronics and SK Hynix, faced significant losses, with Samsung Electronics dropping over 7% and SK Hynix slipping more than 9.4%.
Other sectors, such as pharmaceuticals and bio, also saw weakness, with Alteogen being the sole positive performer. The KOSPI market closed with 344 advancing issues and 537 declining issues, while the KOSDAQ market saw 1,292 declining issues. The won/dollar exchange rate remained flat, closing at 1,342.10 won.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
