South Korean stocks plummeted more than 8 per cent on Tuesday as investors dumped tech shares amid heightened fears over <a href="https://www.mid-day.com/lifestyle/culture/article/ai-adoption-rises-but-93-per-cent-of-finance-professionals-question-ai-generated-insights-report-23640225" target="_blank" rel="none noopener">artificial intelligence (AI)</a> investment.
After opening 5.26 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) extended losses, falling 580.04 points, or 8.59 percent, to 6,175.71 as of 11:20 am (local time).
The Korea Exchange (KRX) triggered the market-wide circuit breaker at 10:14 a.m. after the KOSPI plunged more than 8 percent from the previous session's close, reports Yonhap news agency.
Market sentiment was dragged down by an overnight selloff on Wall Street as investors remained skeptical about tech giants' heavy spending on artificial intelligence (AI). The PHLX chip index, a gauge of U.S. semiconductor giants, extended its recent selloff, falling 2.2 percent.
In Seoul, most shares traded in negative territory.
Market bellwether<a href="https://www.mid-day.com/news/world-news/article/thousands-protest-at-samsung-electronics-chip-plant-amid-ai-driven-profit-surge-23627224" target="_blank" rel="none noopener"> Samsung Electronics </a>plunged 9.84 percent, and SK hynix dived 11.67 percent.
Samsung Electro-Mechanics, an electronic component affiliate of Samsung Electronics, plummeted 15.47 percent, and LG Electronics sank 7.43 percent.
Internet giant Naver fell 4 percent, and leading mobile carrier SK Telecom nose-dived 16.04 percent.
The Korean won was trading at 1,466.3 won against the U.S. dollar as of 11:20 a.m., down 0.3 won from the close of stock trading the day before.
<a href="https://www.mid-day.com/news/india-news/article/south-korea-president-lee-jae-myung-arrives-in-new-delhi-to-hold-talks-with-pm-modi-23626597" target="_blank" rel="none noopener">South Korea's</a> bourse operator activated a circuit breaker for the benchmark Korea Composite Stock Price Index (KOSPI) on a sell-off in tech shares.
Trading of KOSPI-listed shares was halted for 20 minutes.
The benchmark index came under heavy selling pressure as investors sold off semiconductor shares on skepticism about tech giants' heavy spending on artificial intelligence (AI).
It marked the seventh time this year that the KRX has activated a circuit breaker.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

South Korean market index KOSPI slumped over 8 per cent from the previous session, prompting the the bourse operator KRX to trigger a market-wide circuit

Korean stocks slump over 8.50 per cent on AI investment fears

Johnson & Johnson agrees to USD 5.5 billion settlement to resolve 15-year talc litigation

The Korea Exchange (KRX) triggered the market-wide circuit breaker at 10:14 a.m. after the KOSPI plunged more than 8 percent from the previous session's close

South Korea: Korea Exchange activates circuit breaker as benchmark index slumps over 8.50 per cent

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

Home / Business / Business News / Article / South Korea: Korea Exchange activates circuit breaker as benchmark index slumps over 8.50 per cent