South Korea’s Kospi Index Sinks More than 7% on Sell-Off of Semiconductor Shares over AI Boom Worries – WTOP News
Semiconductor shares led the sell-off as foreign investors dumped 4.51 trillion won in stocks and a sell-side sidecar was triggered, officials said.
- On Tuesday, South Korea's Korea Composite Stock Price Index plunged more than 7% intraday, triggering a sell-side sidecar at 9:47 a.m. to halt program trading before recovering slightly by close.
- Market behemoth Samsung Electronics and chipmaker SK hynix plunged 7.29 percent and 8.35 percent respectively as investors dumped semiconductor shares amid renewed concerns about an artificial intelligence bubble following reports of OpenAI's lower-than-expected revenue.
- Foreign investors sold a net 4.51 trillion won worth of stocks, while institutional and retail investors bought 1.69 trillion won and 2.23 trillion won respectively, attempting to absorb selling pressure.
- Escalating Middle East tensions and rising oil prices stoked inflation concerns that weighed on market sentiment. ING commodities strategists wrote that "the market is more concerned over recent developments in the Middle East, with Houthi attacks on Saudi Arabia and lingering risks to oil flows."
- Investors are monitoring earnings announcements from Citigroup, JPMorgan Chase, and Wells Fargo this week. Analyst Lee Jae-won at Yuanta Securities cautioned that South Korea's earnings growth depends largely on memory chips, whereas U.S. market leaders span a broader range of AI services.
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South Korea's Kospi index sinks more than 5% on semiconductor share sell-off over AI boom worries
South Korea’s benchmark Kospi index has fallen more than 5% on a sell-off of chip shares and Asian shares have mostly declined after U.S. stocks ended mixed. U.S. futures also are mixed and oil prices have dropped as tensions in…
Tokyo, 13 Oct (EFE).- The main index of the Seoul Stock Exchange, the Kospi, fell more than 6% at the opening of this Tuesday’s session, weighed by the technology companies, after the losses recorded on the eve in the US market. After the first hour of negotiation, the indicator dropped [...] The entry The South Korean Kospi falls more than 6% at the opening, weighed by technology was first published in HolaNews.
South Korea’s Kospi index sinks more than 7% on semiconductor share sell-off over AI boom worries
HONG KONG (AP) — South Korea’s benchmark Kospi index dropped more than 7% on Tuesday on a sell-off of chip shares, and Asian shares mostly declined after U.S. stocks ended mixed. U.S. futures were also mixed, and oil prices fell as escalating tensions in the Middle East continued. The Kospi index was down 7.4% to...
South Korea's Kospi index sinks more than 7% on semiconductor sha
HONG KONG (AP) — South Korea’s benchmark Kospi index dropped more than 7% on Tuesday on a sell-off of chip shares, and Asian shares mostly declined after U.S. stocks ended mixed. The Kospi index was down 7.4%
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