Kospi crashes over 8% on tech hemorrhage, US rate woes; won rises after verbal intervention

South Korean stocks nosedived more than 8 percent Monday, extending their losing streak to a third consecutive session, as investors dumped market heavyweights on renewed woes over artificial intelligence profitability and concerns over a possible hawkish pivot of the US Federal Reserve.

The local currency rose against the US dollar after opening at a 17-year low, in the face of verbal intervention by financial authorities.

The benchmark Korea Composite Stock Price Index plunged 676.18 points, o ...