Seoul shares sharply down late Thursday morning as US midterm results spark AI woes
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A screen at the dealing room of Hana Bank’s headquarters in central Seoul shows the KOSPI indices, Thursday. Yonhap
South Korean stocks traded sharply lower late Thursday morning as investors were worried about the future of U.S. artificial intelligence (AI) policies after the midterm elections.
After opening 1.82 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) extended losses, dropping 185.77 points, or 3.27 percent, to 5,498.03 as of 11:20 a.m.
Overnight on Wall Street, major stock indexes finished higher as investors welcomed the Democrats-led Congress.
However, the election outcome raised concerns that the new House and Senate would tighten regulations on AI data centers.
In Seoul, semiconductor shares traded in negative territory.
Tech giant Samsung Electronics sank 5.05 percent, and SK hynix tumbled 6.52 percent.
Hanmi Semiconductor, a leading chip equipment maker, plunged 7.58 percent, and Samsung Electro-Mechanics, the electronic component affiliate of Samsung Electronics, dived 10.04 percent.
Leading oil refinery SK Innovation lost 5.9 percent, and defense giant Hanwha Aerospace fell 4.76 percent.
The Korean won was trading at 1,342.15 won against the U.S. dollar as of 11:20 a.m., down 0.65 won from the previous stock trading session’s close.
