In brief
South Korea’s KOSPI fell sharply on Tuesday, with multiple Yonhap reports documenting different opening levels and later intraday shifts. AI spending concerns and U.S. electoral uncertainty dominated, sending big tech names like Samsung and SK hynix lower, while oil prices slipped on hopes for a U.S.–Iran peace deal. A unique Yonhap alert added that Naver and Kakao also lost ground amid AI‑related layoffs and regulatory scrutiny.
South Korean stocks opened sharply lower on Tuesday, as investors weighed heavy spending on artificial intelligence (AI) infrastructure and the looming U.S. midterm elections, Yonhap reports said.
According to a regular Yonhap bulletin, the benchmark KOSPI fell 2.46 percent to 5,715.19 at the opening bell, marking a significant early‑session decline.
An urgent Yonhap note added that the index had dropped 0.7 percent in the first session, the steepest intraday slide since the market reopened earlier in the year, and noted that tech firms Naver and Kakao fell 1.3 percent and 1.1 percent respectively as they announced AI‑related layoffs and new regulatory scrutiny.
A later Yonhap update reported that, by 9:15 a.m., the KOSPI had fallen a further 3.36 percent to 5,662.37, underscoring the sustained pressure on the market.
Across the board, major names in technology and industry echoed the trend. Market bellwether Samsung Electronics tumbled 4.59 percent, chipmaker SK hynix slumped 5.1 percent, and carmaker Hyundai Motor decreased 1.57 percent. Energy, shipbuilding and defense firms also slid, while the Korean won moved to 1,342.05 won to the U.S. dollar.
Oil prices slipped after optimism about a potential U.S.–Iran peace agreement resurfaced, a sentiment echoed in the U.S. markets where the Nasdaq Composite and S&P 500 closed lower as investors remained cautious on AI and tech shares.
