3 weeks ago

Seoul markets fall over 4% as tech shares drag

Seoul markets fall over 4% as tech shares drag
Seoul markets fall over 4% as tech shares drag · thehansindia.com

Imagine a giant scoreboard for South Korean companies called the stock market.

On Thursday, that scoreboard went down a lot — more than 4 percent.

The main reason was worries about technology companies and the money they spend on AI.

AI is a kind of computer brain that can learn, and building it costs a lot of money.

Some people are not sure those companies will earn enough from AI to cover that cost.

Earlier in the week, the scoreboard had gone up because those worries seemed smaller.

But on Thursday the worries came back, and big technology stocks pulled the whole market down.

To help calm things down, the exchange paused automatic computer trading for five minutes.

Even though the main index fell a lot, more stocks actually went up than down.

Key facts

Market
KOSPI (Korea Composite Stock Price Index)
Daily change
-4.58% (-301.88 points)
Closing level
6,296.38
Intraday low
6,238.32
Previous sessions
+1.62% Tuesday, +3.76% Wednesday
Sidecar
Sell-side sidecar active for 5 minutes from 10:18 a.m.
Trade volume
281.8 million shares worth 25.9 trillion won ($18.2 billion)
Advancers vs decliners
489 winners to 380 losers

Sources

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