Seoul, October 15 (QNA) - South Korean stocks plunged more than 7% Thursday as major chipmakers extended losses amid growing concerns over the sustainability of investments related to artificial intelligence (AI) and rate hikes by the Federal Reserve. The Korean won weakened against the US dollar.
After opening 5.59% lower, the benchmark Korea Composite Stock Price Index (KOSPI) extended its losses, tumbling 454.59 points, or 7.57%, to end at 5,554.22, after dipping as low as 5,450.81.
The KOSPI fell for the seventh consecutive session, marking its longest losing streak since September 2024.
The sharp sell-off prompted the Korea Exchange (KRX) to activate a sell-side sidecar shortly after the market opened, suspending program selling for five minutes as KOSPI 200 futures fell more than 5% for at least one minute. (QNA)