South Korean Shares Extend Slide
The benchmark KOSPI slipped nearly 2% to around 5,430 on Friday, extending losses after hitting its lowest closing level since April, as a global AI and semiconductor selloff weighed on Korean chipmakers. The Nasdaq fell 2.6% overnight, with Micron and Nvidia among the major decliners, dragging Samsung Electronics lower by nearly 3% and SK hynix down 1%. Losses also spread to other major stocks, including Hyundai Motor (-3.3%), KB Financial Group (-3.4%), Hanwha Aerospace (-5.3%), Doosan Enerbility (-4.4%), HD Hyundai Heavy Industries (-4.4%), and Kia Corporation (-2.5%). Additionally, Brent crude surged to multi-month highs around $113 per barrel amid escalating Middle East tensions, raising concerns over higher energy costs and inflation. SK hynix also suspended plans for a US listing of its Solidigm subsidiary, citing market conditions and shareholder-value considerations.
The benchmark KOSPI slipped nearly 2% to around 5,430 on Friday, extending losses after hitting its lowest closing level since April, as a global AI and semiconductor selloff weighed on Korean chipmakers. The Nasdaq fell 2.6% overnight, with Micron and Nvidia among the major decliners, dragging Samsung Electronics lower by nearly 3% and SK hynix down 1%. Losses also spread to other major stocks, including Hyundai Motor (-3.3%), KB Financial Group (-3.4%), Hanwha Aerospace (-5.3%), Doosan Enerbility (-4.4%), HD Hyundai Heavy Industries (-4.4%), and Kia Corporation (-2.5%).
Additionally, Brent crude surged to multi-month highs around $113 per barrel amid escalating Middle East tensions, raising concerns over higher energy costs and inflation. SK hynix also suspended plans for a US listing of its Solidigm subsidiary, citing market conditions and shareholder-value considerations.