Seoul stocks sharply down late Fri. morning on AI rout
SEOUL, Nov. 6 (Yonhap) -- Seoul stocks were trading sharply lower late Friday mo...
Seoul's stock market suffered a sharp decline on Friday morning, as concerns over the Democratic Party's victory in the U.S. midterm election weighed heavily on investors. The Korea Composite Stock Price Index (KOSPI) fell 4.47%, closing at 5,143.39 points by 11:20 a.m. Trading was briefly halted for 20 minutes following a more than 8% drop in the index.
Wall Street's major stock indexes mirrored the downward trend after the election results, with investors offloading top AI and data center companies. The S&P 500 dropped over 4%, while the Nasdaq erased over 5%. Analyst Han Ji-young from Kiwoom Securities warned that the potential slowing of data center construction, particularly in Texas, which accounts for 27% of U.S. data center construction, could have negative consequences.
In Seoul, a broad sell-off occurred across various sectors. Tech giants Samsung Electronics and SK hynix saw their shares plummet by over 3% and 6%, respectively. Hyundai Motor and Hanwha Aerospace, along with battery maker LG Energy Solution, also experienced declines of 4.6%, 4.41%, and 0.14%, respectively. The Korean won weakened to 1,356.2 won against the U.S. dollar by 11:20 a.m., a 0.7% decrease from the previous trading session.
Written by urgent.news from Yonhap News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
