Seoul shares extend losses late Monday morning on extended chip rout
Seoul shares extended losses late Monday morning, led by semiconductor stocks, as the escalating conflict in the Middle East renewed concerns over energy supplies from the region.
After opening 0.52 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) extended its losses, falling 283.67 points, or 4.16 percent, to 6,536.93 as of 11:20 a.m.
The index plunged 6.37 percent the previous session due to escalating tensions in the Middle East although softer-than-expected U.S. inflation data eased concerns about near-term Federal Reserve interest rate hikes.
On Friday (U.S. time), investor concerns over artificial intelligence-related valuations also pushed major AI-linked technology stocks on Wall Street lower.
The Dow Jones Industrial Average fell 0.77 percent, and the tech-heavy Nasdaq Composite declined 1.4 percent.
In Seoul, market bellwether Samsung Electronics plunged 4.5 percent, while rival chipmaker SK hynix tumbled 4.4 percent.
Top automaker Hyundai Motor fell 6.59 percent, while defense company Hanwha Aerospace slipped 4.03 percent.
Among gainers, S-Oil rose 3.04 perc ...
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