Doha: South Korean stocks fell more than 10 percent on Tuesday as investors engaged in broad selling of technology shares amid growing doubts over the future of large-scale investment in artificial intelligence infrastructure.
According to Qatar News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) lost 732.09 points, or 10.84 percent, to close at 6,023.66. The index hit its lowest closing level since April 14, after dipping to 5,830.39 during the session.
The index, which opened 5.26 percent lower, saw extended losses throughout the day. This prompted the stock exchange to activate a circuit breaker for program trading and suspend trading for 20 minutes.
The sell-off in South Korean stocks followed a sharp decline on Wall Street in the previous session. Concerns have been mounting over big technology companies' spending on AI, with the Philadelphia Semiconductor Index, a gauge of US chip stocks, extending its decline by falling 2.2 percent.