Seoul shares fall for 2nd day on AI uncertainties; won sharply down

Korean stocks fell for the second consecutive session Monday amid lingering worries over artificial intelligence (AI)-related sectors. The local currency sharply declined against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.2 points, or 0.19 percent, to close at 3,846.06, following a 3.79 percent drop on Friday. The KOSPI opened higher on foreign buying on revived hopes for a rate cut in the United States, but offshore investors turned to net sellers in the afternoon to drag down the index. Trade volume was moderate at 363.4 million shares worth 20.3 trillion won ($13.8 billion), with decliners outnumbering gainers 576 to 306. Foreign investors led the daily decline, dumping a net 427.1 billion won worth of shares, along with individuals who sold a net 454 billion won. Institutions, however, scooped up a net 896.9 billion won. "Foreigners bought tech shares, especially Samsung Electronics, but the entire index did not benefit from their purchase," said Lee Jae-won, an analyst from Shinhan Securities. Major shares ended in negative territory. Chip giant SKWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times