South Korean shares fall as chipmakers track US tech slump

South Korea’s KOSPI was down 4.01% at 5,459.70 on Thursday, a loss of 227.68 points, according to Business Recorder. The index had dropped by more than 5% earlier, prompting a temporary trading curb. Chipmakers led the decline after US technology shares weakened amid concerns that the US midterm results could slow investment in artificial intelligence.

Samsung Electronics lost 5.73% and SK Hynix fell 7.52%, following a 3.1% retreat in the Philadelphia Semiconductor Index. Battery stocks also declined, while Hyundai Motor and Kia advanced 3.70% and 4.38%, respectively; foreign investors sold shares worth 1.3 trillion won. South Korea’s won weakened 0.05% against the dollar, while government bond yields fell across the reported maturities.