Kospi Tumbles 3.3% as Foreign Investors Extend Selloff
Foreign investors extended a four-session selloff as worries over AI spending, oil prices and U.S. rate hikes pushed chips and broader stocks lower.
- On Monday, South Korea's benchmark Kospi fell 3.26 percent to close at 6,684.37, as foreign investors extended a four-session selling streak amid concerns over high oil prices, interest rates, and artificial intelligence development.
- International oil prices remaining above $100 a barrel weighed on the market, while semiconductor stocks Samsung Electronics and SK Hynix dropped 4.05 percent and 6.35 percent, respectively, amid uncertainty over AI development.
- Kim Young-hwan, a researcher at NH Investment & Securities, warned that "AI-related positive news alone is unlikely to create enough upward momentum to absorb all the shares waiting to be sold." Large amounts of stock near 7,000 limit recovery.
- Financial stocks including KB Financial, Shinhan Financial, Hana Financial, and Woori Financial jumped 2.08 to 4.99 percent, while the Korea Exchange launched extended trading hours starting Monday to improve market accessibility.
- Investors now look to this week's Federal Open Market Committee meeting, as Kim noted the market needs "signs that interest rates have reached their ceiling and an easing of tensions in the Middle East that stabilizes oil prices.
14 Articles
14 Articles
Breaking News: KOSPI Opens Down 3.14% at 6,692.61; KOSDAQ Opens Down 1.75%. The KOSPI started the day with a decline in the 3% range due to caution stemming from instability in the Middle East. According to the Korea Exchange on the 14th, the KOSPI opened at 6,692.61, down 3.14%. The KOSDAQ opened at 806.27, down 1.75%.
Investors are reassessing the value of companies driving the artificial intelligence revolution after several leading AI figures called for a slowdown in development for safety reasons. Shares in AI-linked companies in Asia dropped when trading began today, dragging South Korea's KOSPI index down by 3.7%. Chipmaker SK Hynixhas slumped by 5.75% SoftBank, a major AI […] Source
KOSPI Slides 3.26% to 6,684.37, Falling for Third Day
On the morning of Sept. 14, the won-dollar exchange rate, KOSPI and KOSDAQ indices are displayed on the electronic board at the dealing room of Hana Bank headquarters in Jung-gu, Seoul. (Yonhap) On Sept. 14, the domestic stock market closed with a sharp decline due to a contraction in risk asset preference following global macroeconomic uncertainty and surging international oil prices. Expanding its additional decline following last week’s close…
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