South Korean markets fall on sell-off
The KOSPI index on the South Korean stock exchange declined by 13%, leading to trading suspension for the second consecutive day, before reducing its losses to approximately 6%. This sharp drop, which prompted investors to sell shares worth 1.8 trillion won ($1.24 billion), is attributed to widespread concerns over the performance of the artificial intelligence sector, especially as shares of SK Hynix and Samsung Electronics fell by up to 19% and 5%, respectively. The index is projected to record a record monthly loss of 33%, amid fears of an oversupply of electronic chips resulting from expansion plans by major companies, increasing the likelihood of a market glut.
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