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South Korean stock exchange experiences severe losses, with the index dropping 20%
The KOSDAQ index on the South Korean stock exchange declined by up to 5.7% during the trading session, representing a loss of nearly 20% from its peak last month, putting the market on the verge of entering a bearish phase. Major stocks such as SK Hynix and Samsung Electronics fell, despite the latter's announcement of record profits. This decline was driven by falling semiconductor stock prices, which the market heavily depends on, amid concerns over waning demand and a slowdown in investments in the artificial intelligence sector.
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