KOSPI extends decline on global tech selloff
South Korea’s KOSPI fell nearly 2% to around 6,570 for a second straight session as Samsung Electronics and SK hynix slid, with investors also looking to the Bank of Korea meeting on Thursday.
The benchmark KOSPI fell nearly 2% to around 6,570 on Tuesday, extending losses for a second straight session, as a selloff in global technology shares weighed on Korean chipmakers.
Samsung Electronics and SK hynix fell more than 3% and 6%, respectively, amid renewed concerns over the profitability of AI-related investments and ahead of Nvidia’s earnings report, due Wednesday.
Additionally, Samsung’s disappointing shareholder-return plan pressured the market after its shares plunged 8.7% on Monday, with investors expecting a larger payout and clearer plans for share buybacks and cancellations.
Other notable declines were recorded in SK Square (-6.7%), LG Energy Solution (-3.3%), Hyundai Mobis (-2.3%), LG Electronics (-3.9%), and LS Electric (-3.9%).
Separately, attention turned to the Bank of Korea’s policy meeting on Thursday, with a slim majority of economists expecting a 25-basis-point rate hike to 3.00% following last month’s surprise increase to 2.75%.