Seoul shares snap 2-day rally amid escalating Nvidia risks
Korean stocks fell 0.6 percent Thursday to end their two-day rally, weighed heavily down by Nvidia's leadership risks. The local currency was trading higher against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) closed down 32.63 points, or 0.61 percent, at 5,342.73, reversing from a 4.39 percent rise on Tuesday and a 2.6 percent gain on Wednesday. After opening 0.2…
Korean stocks experienced a brief two-day rally before falling 0.6 percent on Thursday, as the market grappled with potential risks stemming from Nvidia, a leading U.S. chip company. The local currency strengthened against the U.S. dollar during the trading session. The Korea Composite Stock Price Index (KOSPI) closed 0.61 percent lower, at 5,342.73 points, after earlier hitting a high of 5,458.84.
The index initially rose 4.39 percent on Tuesday and 2.6 percent on Wednesday before reversing course. Despite opening 0.2 percent higher, the KOSPI fluctuated throughout the morning, trading above and below its initial level.
Reports emerged that Nvidia's board was considering replacing CEO Jensen Huang amid allegations of multiple extramarital affairs. This news weighed heavily on investor sentiment, as Nvidia is closely linked with several Korean tech companies. Trading volume was relatively low, with 233.7 million shares exchanged, amounting to 20.6 trillion won ($15.5 billion).
However, the losses outweighed the gains, with 595 stocks declining compared to 268 that rose. Foreign investors purchased a net 370.4 billion won worth of stocks, while institutional investors sold a net 690.3 billion won and individual investors offloaded a net 204.3 billion won. The KOSPI's decline was attributed to these Nvidia-related concerns.
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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