Seoul:Stocks in Seoul were experiencing significant declines late Thursday morning due to mounting concerns over artificial intelligence trade and U.S. inflation data, which led to a sell-off of major technology shares.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) dropped 404.21 points, or 6.73 percent, to 5,604.6 by 1120 a.m. Earlier in the day, the index had fallen more than 5 percent, prompting the country's bourse operator to temporarily halt trading for five minutes.
In the U.S., stock markets closed lower as well, driven by worries about the sustainability of AI-related spending and consumer price data for September, which dampened investor enthusiasm. The U.S. Consumer Price Index for September increased by 0.6 percent from the previous month, marking the fastest rise since April.
In the Seoul market, most major companies saw their share prices decline. Notably, technology giants Samsung Electronics and SK hynix saw significant drops of 7.87 percent and 9.87 percent, respectively. Hyundai Motor decreased by 5.1 percent, KB Financial fell 1.13 percent, and Hanwha Aerospace slipped 1.54 percent. However, bio firm Celltrion was among the few to gain, with an increase of 3.13 percent.
The Korean won was trading at 1,350 won per U.S. dollar by 1120 a.m., a decrease of 7.7 won compared to the previous session's close.