South Korean shares head for second weekly loss as AI stock selloff bites

Business Recorder reported that South Korean stocks fell on Friday, putting the market on track for a second weekly decline as global selling in AI-related shares encouraged a move toward safer assets. At 01:38 GMT, the KOSPI stood at 5,415.18, down 118.59 points, or 2.14%. The technology-focused Nasdaq had also dropped more than 1% on Thursday, after Tesla and Meta earnings did not ease concerns about AI.

Samsung Electronics lost 2.80% and SK Hynix fell 0.57%, while Hyundai Motor and Kia declined 3.81% and 2.85%, respectively. Samsung BioLogics gained 6.47%, but 793 of the 912 traded shares fell, and foreign investors sold a net 589.3 billion won of equities. The won strengthened 0.29% to 1,322.6 per dollar, while the three-year government bond yield decreased 6.6 basis points to 3.774%.