KOSPI Crashes over 8 Pct on Tech Hemorrhage, U.S. Rate Woes; Won Rises After Verbal Intervention
Investors dumped tech and other heavyweights as the benchmark fell 8.37%, with the Korea Exchange halting trading for 20 minutes.
6 Articles
6 Articles
KOSPI crashes over 8 pct on tech hemorrhage, U.S. rate woes; won rises after verbal intervention
South Korean stocks nosedived more than 8 percent Monday on renewed woes over AI profitability and concerns over a possible hawkish pivot of the U.S. Federal Reserve.
Seoul shares open 1.38% lower on woes over inflation, tech slump
Korean stocks opened more than 1 percent lower Monday, tracking Wall Street's slide sparked by the semiconductor shock and rate hike fears, with big-cap shares posting sharp declines. The benchmark Korea Composite Stock Price Index (KOSPI) fell 112.5 points, or 1.38 percent, to 8,048.09 at the opening bell. The weak start came as major U.S. indexes suffered sharp losses last week, fueled by semiconductor shares' biggest daily percentage drop sin…
The Seoul Stock Exchange's KOSPI index has fired this Monday's session with a fall of 8.29%, continuing the sharp falls of the technology sector last Friday on Wall Street, in which it has been the worst day in the South Korean park since last March and which came to make the temporary suspension of the negotiation necessary.
Why US tech shares sank last week
The NASDAQ closed down nearly 4% on Friday, its worst daily performance in about 8 months, as trades hit the sell button on swathes of technology and AI-related shares. Chipmakers and memory stocks were the biggest detractors, with names such as Micron and Nvidia driving the index lower. Micron has been one of the standout performers […] The post Why US tech shares sank last week appeared first on UK Investor Magazine.
Coverage Details
Bias Distribution
- 34% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
