US midterms impact Korean indexes
The recent "Black Friday" for the Korean stock market brought a frantic mixture of a circuit breaker and sell-side sidecars as the main bourse fell more than 6 percent. Benchmark KOSPI heavyweights SK hynix and Samsung Electronics also took a hit, with their shares falling 10.44 percent and 6.35 percent, respectively, as investors sold in panic, driving the index below 5,000. Meanwhile, U.S.…
The Korean stock market experienced a significant drop, more than 6 percent, on Black Friday, with the main bourse falling below 5,000. Key players, SK hynix and Samsung Electronics, saw their shares plummet by 10.44 percent and 6.35 percent, respectively. This sell-off was attributed to investors' panic and concerns over a changed economic climate following the U.S. midterm elections.
While U.S. indexes had initially surged after the elections, they too experienced a decline as concerns over Democratic policy shifts emerged. The Democrats' proposed regulations on artificial intelligence and restrictions on data center construction sparked apprehension about the potential impact on the sector. Furthermore, there is skepticism surrounding the sustainability of the AI boom and whether the substantial investments made will ultimately yield profits.
Other Asian stock markets, such as Taiwan's, also suffered losses on Friday, echoing the trend seen in Korean markets.
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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- US midterms impact Korean indexes koreatimes.co.kr
