Business · Markets · 1 hr ago
KOSPI Falls as US Semiconductor Sell-Off Weighs on South Korean Shares
South Korea’s KOSPI fell about 1.7% early on October 19, trading at 5,569.25 points.
The drop followed a sharp sell-off in US technology stocks, led by semiconductor shares.
The Philadelphia Semiconductor Index fell 3.83%, with Micron, AMD and SK Hynix’s US-listed shares among those posting larger losses.
Concern about competition from Chinese companies had weighed on chip stocks through the previous week.
Worries about AI investment returns also pressured major technology companies, amid rising data-centre costs and a reassessment of Anthropic’s value.
Analysts said South Korean shares could remain volatile, but upcoming company results, including those from US technology firms, could help support the market.
South Korea’s KOSPI fell in early trading on Oct. 19 after semiconductor stocks dropped sharply in the United States.
At 9:02 a.m., the index was down 1.74% at 5,569.25.
It had opened down more than 3% before narrowing its losses to around 2%.
The Philadelphia Semiconductor Index fell 3.83% in the previous U.S. trading session.
Kiwoom Securities analyst Han Ji-young said volatility could remain high but expected corporate earnings events to help support the market.
- Who
- South Korean stock market investors, including those trading the KOSPI.
- What
- The KOSPI fell in early trading as a U.S. semiconductor sell-off weighed on sentiment.
- When
- Oct. 19; the KOSPI was down 1.74% at 9:02 a.m.
- Where
- South Korea.
- Why
- Semiconductor stocks fell sharply in the United States, renewing concerns about the AI industry and weighing on investor sentiment.
This story does not have two clearly opposing sides.
U.S. stocks closed lower, with the Nasdaq Composite down 2.15% and the Philadelphia Semiconductor Index down 3.83%.
The KOSPI was down 1.74% at 5,569.25 in early trading.
- KOSPI at 9:02 a.m.
- 5,569.25, down 98.80 points or 1.74%
- Philadelphia Semiconductor Index
- Down 3.83%
- Micron Technology
- Down 5.63%
- AMD
- Down 5.95%
- SK Hynix ADR
- Down 6.58%
What people are saying
This week, the domestic stock market is expected to experience high volatility as concerns about the AI industry are renewed following the sharp fall in U.S. AI stocks last Friday
Even if the market faces downward pressure during the week, it is appropriate to factor into response strategies the possibility of a rebound at current index levels, which have already fallen to the 5,000-point range