South Korean equities gave up early gains on Monday as investors turned cautious over elevated valuations in artificial intelligence-linked stocks, while lower crude oil prices provided support to broader emerging Asian markets, according to Reuters.
The tech-heavy Kospi index, which had climbed more than 2% earlier in the trading session, reversed course to fall over 2% as investors reassessed the sharp rally in AI-related stocks. The decline weighed on the broader MSCI Emerging Markets Asia Index, which slipped 0.1%, with South Korea accounting for more than a quarter of the benchmark.
