Seoul stocks turn lower, KOSPI down 3.21%
L'essentiel
- Seoul stocks reversed earlier gains Wednesday morning, with the KOSPI falling 3.21% to 8,203.98 as investors sold off semiconductor and tech shares.
- Black Rock downgraded emerging market equities, citing AI concentration risks.
Résumé généré par IA
SEOUL, July 1 (Yonhap) -- Seoul stocks returned earlier gains late Wednesday morning, as investors offloaded semiconductors and large-cap tech shares.
After opening sharply higher, the benchmark Korea Composite Stock Price Index (KOSPI) changed its trajectory, to fall 272.5 points, or 3.21 percent, to 8,203.98, as of 11:20 a.m.
Overnight, U.S. stocks closed higher on a continued chip rally, while investors closely watched developments regarding peace talks between Washington and Tehran.
The two sides are expected to meet in Qatar's capital this week for further negotiations.
The decline also came as Black Rock Inc. downgraded its view on emerging-market equities, including South Korea, citing concentration risks in artificial intelligence (AI)-related companies.
In Seoul, most market heavyweights were trading lower.
Top-cap Samsung Electronics fell 5.39 percent, while its rival SK hynix dipped 4.53 percent.
Industry leader Hyundai Motor retreated 3.74 percent, battery maker LG Energy Solution slid 4.01 percent, and leading financial company KB Financial moved down 2.45 percent.
The Korean won was quoted at 1,558.3 won against the U.S. dollar as of 11:20 a.m., down 8.9 won from the previous session.
