Stock markets: South Korea's stock market plummets due to concerns about AI and oil prices
The sell-off in tech stocks in the US is also weighing on Asian stock markets. The South Korean stock market is particularly hard hit. In Seoul, trading had to be temporarily suspended.
South Korea's stock market has come under significant pressure due to a global sell-off of tech stocks. The Kospi index plummeted over 8 percent in early trading, with SK Hynix and Samsung Electronics shares dropping 11 percent and 8 percent respectively. Trading was suspended for 20 minutes in Seoul due to sharp losses, with a "circuit breaker" triggered to prevent panic selling from further destabilizing the market.
The sell-off was attributed to losses on Wall Street, where concerns over future investments in artificial intelligence weighed on stocks, as well as rising oil prices after reports of tanker damage in the Strait of Hormuz.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
