Seoul stocks extend losses late Tuesday morning amid AI concerns
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The benchmark KOSPI, along with other indices, are displayed at Hana Bank’s dealing room in Seoul, Tuesday. Yonhap
Seoul stocks were trading sharply lower late Tuesday morning as concerns over investments in the artificial intelligence (AI) value chain sparked a sell-off in major chip shares.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 136.06 points, or 2.36 percent, to 5,631.95 as of 11:20 a.m.
After opening 0.6 percent lower, the index extended its losses to an intraday low of 5,493.24, before recovering some ground.
Overnight, U.S. stocks ended mixed as technology shares rebounded from their steepest weekly drop since June.
The Dow Jones Industrial Average edged down 0.07 percent, while the benchmark S&P 500 rose 0.41 percent and the tech-heavy Nasdaq Composite Index gained 1.11 percent to finish at 26,430.89.
In Seoul, tech stocks led the decline.
Chipmakers Samsung Electronics Co. and SK hynix Inc. fell 1.03 percent and 2.74 percent, respectively.
In contrast, Samsung Electro-Mechanics Co., an electronics components affiliate of Samsung Electronics, gained 2.48 percent after opening lower.
The Korean won was trading at 1,327.6 won against the U.S. dollar as of 11:20 a.m., up 5.5 won from the previous session’s close.
