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The Economic Times
The Economic Times
Business

South Korean shares fall over 5% on AI spending concerns and oil spike

Oil South Korea Kospi Samsung SK Hynix United States

South Korean shares retreated more than 5% on Friday on worries that a moderation in AI spending by mega ‌U.S. technology firms ⁠will ⁠dampen the outlook for heavyweight Asian chipmakers, with oil prices above $100 a barrel also weighing on sentiment.

The benchmark KOSPI was down 386.33 points, or 5.44%, at 6,710.56 as of 0246 GMT, partly erasing gains from the previous three sessions. The decline triggered a "sidecar" trading curb on the KOSPI, temporarily halting programme trading.

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