Seoul:South Korean stocks fell for the sixth consecutive session on Wednesday as persistent concerns over excessive spending on artificial intelligence (AI) continued to weigh on investor sentiment. This cautious approach comes as investors await the release of U.S. inflation data. Meanwhile, the Korean won appreciated against the U.S. dollar.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) lost 26.54 points, or 0.44 percent, closing at 6,008.81 after a day of volatile trading. The index has been on a downward trend since last Tuesday, including a significant 5.46 percent drop the previous day.
Initially, the KOSPI opened 0.44 percent higher and rose 2.57 percent by around 934 a.m. following a media interview with New York Fed President John Williams, who indicated no need for further monetary tightening next year. However, these gains were reversed after Dutch tech giant ASML released a sales outlook that fell short of market expectations, despite reporting strong third-quarter earnings.
ASML, a provider of chip-manufacturing machines to major companies like Samsung Electronics, reported a significant yearly increase in its stock price by 84 percent, but its revised 2026 sales forecast disappointed investors. Seo Sang-young, a senior analyst at Mirae Asset Securities, noted that "the KOSPI erased all of its gains after ASML's earnings report," highlighting the market's sensitivity to external economic indicators. Investors are also closely watching for the U.S. consumer prices data expected later in the day.