Seoul, July 28 (SocialNews.XYZ) South Korean stocks plummeted more than 8 per cent on Tuesday as investors dumped tech shares amid heightened fears over artificial intelligence (AI) 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 Samsung Electronics 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.
South Korea's 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.
—IANS
na/
Source: IANS
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