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Seoul, July 29 (QNA) – South Korean stocks fell about 6 percent on Wednesday, after dropping nearly 11 percent in the previous session, as investors sold semiconductor shares amid growing doubts over whether massive spending on artificial intelligence will generate sufficient returns.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 360.42 points, or 5.98 percent, to close at 5,663.24, after hitting an intraday low of 5,262.77.
After opening 1.09 percent higher, the KOSPI reversed course to fall about 12 percent during afternoon trading.
The Korea Securities Dealers Automated Quotations (KOSDAQ) index also fell 43.17 points at the close to end at 662.68.
The Korea Exchange activated a market-wide circuit breaker, halting trading in KOSPI-listed stocks for 20 minutes.
The broad-based sell-off came amid mounting concerns over whether the massive AI-related investments by major technology companies will generate returns that justify their elevated market valuations. (QNA)
