Seoul stocks sharply down late Thursday morning amid AI concerns
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The benchmark KOSPI is displayed at a dealing room of Hana Bank in Seoul, Thursday. Yonhap
Seoul stocks were trading sharply lower late Thursday 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 129.12 points, or 2.25 percent, to 5,605.54 as of 11:20 a.m.
After opening 1.14 percent lower, the index extended its losses amid apparent profit-taking.
Overnight, U.S. stocks closed mixed as AI-related shares rebounded following SpaceX’s quarterly results.
The Dow Jones Industrial Average rose 0.69 percent, while the S&P 500 gained 0.58 percent and the tech-heavy Nasdaq Composite advanced 1.05 percent.
After delivering sound earnings, Meta Platforms boosted its bet on the AI sector.
In Seoul, tech stocks led the decline.
Chipmakers Samsung Electronics and SK hynix lost 3.36 percent and 3.63 percent, respectively.
Samsung Electro-Mechanics Co., an electronics components affiliate of Samsung Electronics, inched down 0.98 percent after opening higher on news of cooperation with Nvidia.
The Korean won was trading at 1,324 won against the U.S. dollar as of 11:20 a.m., up 2 won from the previous session’s close.
