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 downturn following the U.S. midterm elections, with the KOSPI index falling by over 6 percent. Notable companies like SK hynix and Samsung Electronics saw their shares plummet by 10.44 percent and 6.35 percent respectively, pushing the index below the 5,000 mark.
The decline was attributed to investors' panic selling, driven by concerns over the U.S. political landscape and the potential impact of policy shifts in Washington. The Democrats' agenda to regulate artificial intelligence (AI) and restrict data center construction raised doubts about the sustainability of the AI boom and the profitability of massive investments in the sector.
As Asian stock markets, including Taiwan's, also declined on Friday, it indicated a broader loss of confidence in the global economic climate. Investors and policymakers were left to grapple with the uncertainty brought about by the changing political dynamics in the United States.
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
