South Korean shares fall 1% as chipmakers drag on Nvidia forecasts
- KOSPI closed down 27.55 points, or 1.02%, at 2,662.28
SEOUL: Round-up of South Korean financial markets:
South Korean shares fell 1% on Thursday, as heavyweight chipmakers dropped after U.S. artificial intelligence firm Nvidia’s forecasts disappointed investors.
The benchmark KOSPI closed down 27.55 points, or 1.02%, at 2,662.28, marking its biggest daily percentage fall since Aug. 5 and lowest level since Aug. 14.
Chipmaker Samsung Electronics fell 3.14%, while peer SK Hynix lost 5.35%. They account for a combined 30% of the benchmark index by market value.
“The KOSPI was basically flat, excluding losses of the two chip stocks,” said Huh Jae-hwan, an analyst at Eugene Investment Securities.
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Nvidia’s shares fell sharply after the company’s quarterly forecast failed to meet lofty expectations of investors who have driven a dizzying rally in its stock as they bet billions on the future of generative artificial intelligence.
Among other index heavyweights, battery makers jumped, while biopharmaceutical stocks fell.
Of the total 936 traded issues, 283 shares advanced, while 592 declined.
Foreigners were net sellers of shares worth 419.2 billion won ($314.54 million).
The won was quoted at 1,333.2 per dollar on the onshore settlement platform, 0.29% higher than its previous close at 1,337.0.
In money and debt markets, September futures on three-year treasury bonds fell 0.09 point to 105.80.
The most liquid three-year Korean treasury bond yield rose by 1.6 basis points to 2.934%, while the benchmark 10-year yield rose by 0.8 basis point to 3.073%.
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