The benchmark KOSPI slipped 0.09% to around 1,337 on Friday, extending its decline for a second consecutive session as mounting concerns over AI weighed on investor sentiment. The downturn tracked overnight losses on Wall Street, led by technology stocks, after Alphabet tumbled more than 12% when its third-quarter revenue of USD 127.58 billion fell short of expectations, reviving worries about the returns on large-scale AI investments.
The weakness in Seoul was exacerbated by steep losses in heavyweight names, including Samsung Electronics (-4.31%), SK Hynix (-7.40%), and Hyundai Motor (-2.74%). Naver also dropped 1.49%, despite Nvidia’s planned USD 1 billion investment next Friday, which will make the US chipmaker the company’s third-largest shareholder. Naver has additionally secured at least USD 9 billion worth of computing infrastructure.
In the broader backdrop, foreign investors turned net sellers of South Korean equities in September, unloading KRW 19.11 trillion after being net buyers in August, amid rising geopolitical risks and persistent doubts about the profitability of AI-related businesses.
