Seoul shares sharply down late Tues. morning on tech slump

Korean stocks plummeted more than 8 percent late Tuesday morning as the Korea Composite Stock Price Index (KOSPI) fell 580.04 points, or 8.59 percent, to 6,175.71, triggering a marketwide circuit breaker. The selloff was driven by investor skepticism over tech giants' heavy spending on artificial intelligence (AI), following an overnight slump on Wall Street where the PHLX chip index fell 2.2 percent. Major Korean tech shares tumbled, with Samsung Electronics plunging 9.84 percent and SK hynix diving 11.67 percent.

Korean stocks plummeted more than 8 percent late Tuesday morning as investors dumped tech shares amid heightened fears over artificial intelligence AI investment. After opening 5.26 percent lower, the benchmark Korea Composite Stock Price Index KOSPI extended losses, falling 580.04 points, or 8.59 percent, to 6,175.71 as of 11:20 a.m. The Korea Exchange KRX triggered the marketwide circuit breaker at 10:14 a.m. after the KOSPI plunged more than 8 percent from the previous session's close. Market sentiment was dragged down by an overnight selloff on Wall Street as investors remained skeptical about tech giants' heavy spending on artificial intelligence AI . The PHLX chip index, a gauge of U.S. semiconductor giants, extended its recent selloff, falling 2.2 percent. In Seoul, most shares traded in negative territory. Market bellwether Samsung Electronics plunged 9.84 percent, and SK hynix dived 11.67 percent. Samsung Electro-Mechanics, an electronic component affiliate of Samsung Electronics, plummeted 15.47 percent, and LG Electronics sank 7.43 percent. Internet giant Naver fell 4 perc