Seoul shares nosedive nearly 6% on profit hunting after AI-led rallies

South Korean stocks tumbled nearly 6 percent Friday as investors locked in profits after recent rallies driven by stocks related to artificial intelligence.

The Korean won gained against the US dollar.

The benchmark Korea Composite Stock Price Index lost 519.09 points, or 5.81 percent, to close at 8,411.21, after falling as low as 8,126.84.

The market rout came after the Kospi rallied by 5.42 percent gain on Thursday and racked up a 3.26 percent rise on Wednesday.

The index opened 1.31 percent l ...